Cover
Cover - shares | 6 Months Ended | |
Jun. 30, 2024 | Aug. 05, 2024 | |
Cover [Abstract] | ||
Document Type | 10-Q | |
Document Quarterly Report | true | |
Document Period End Date | Jun. 30, 2024 | |
Document Transition Report | false | |
Entity File Number | 1-4879 | |
Entity Registrant Name | Diebold Nixdorf, Incorporated | |
Entity Incorporation, State or Country Code | DE | |
Entity Tax Identification Number | 34-0183970 | |
Entity Address, Address Line One | 350 Orchard Avenue NE | |
Entity Address, City or Town | North Canton | |
Entity Address, State or Province | OH | |
Entity Address, Postal Zip Code | 44720-2556 | |
City Area Code | 330 | |
Local Phone Number | 490-4000 | |
Title of 12(b) Security | Common Stock, $0.01 par value per share | |
Trading Symbol | DBD | |
Security Exchange Name | NYSE | |
Entity Current Reporting Status | Yes | |
Entity Interactive Data Current | Yes | |
Entity Filer Category | Non-accelerated Filer | |
Entity Small Business | false | |
Entity Emerging Growth Company | false | |
Entity Shell Company | false | |
Entity Common Stock, Shares Outstanding | 37,566,668 | |
Entity Central Index Key | 0000028823 | |
Current Fiscal Year End Date | --12-31 | |
Document Fiscal Year Focus | 2024 | |
Document Fiscal Period Focus | Q2 | |
Amendment Flag | false |
Condensed Consolidated Balance
Condensed Consolidated Balance Sheets - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
Current assets | ||
Cash and cash equivalents | $ 276.7 | $ 550.2 |
Restricted cash | 83.4 | 42.1 |
Short-term investments | 8.7 | 13.4 |
Trade receivables, less allowances for doubtful accounts of $8.4 and $3.6, respectively | 650 | 721.8 |
Inventories | 632.7 | 589.8 |
Prepaid expenses | 34 | 44 |
Other current assets | 220 | 192.6 |
Total current assets | 1,905.5 | 2,153.9 |
Securities and other investments | 6.7 | 6.5 |
Property, plant and equipment, net of accumulated depreciation and amortization of $35.2 and $14.3, respectively | 147.1 | 159 |
Deferred income taxes | 63.7 | 71.4 |
Goodwill | 602.4 | 616.7 |
Intangible assets, net | 832.8 | 891.3 |
Other assets | 291.4 | 263.2 |
Total assets | 3,849.6 | 4,162 |
Current liabilities | ||
Notes payable | 0.5 | 0.3 |
Accounts payable | 489.8 | 529 |
Deferred revenue | 356.6 | 376.2 |
Payroll and other benefits liabilities | 155.3 | 160.1 |
Other current liabilities | 339.6 | 355.4 |
Total current liabilities | 1,341.8 | 1,421 |
Long-term debt | 1,099.8 | 1,252.4 |
Pensions, post-retirement and other benefits | 107.1 | 112.6 |
Deferred income taxes | 207.9 | 204.9 |
Other liabilities | 84 | 91.9 |
Total liabilities | 2,840.6 | 3,082.8 |
Diebold Nixdorf, Incorporated shareholders' equity | ||
Successor preferred stock, no par value, 2,000,000 authorized shares, none issued | 0 | 0 |
Successor common stock, $0.01 par value, 45,000,000 authorized shares and 37,566,668 issued shares, and 37,566,668 outstanding shares | 0.4 | 0.4 |
Paid-in-capital | 1,043.2 | 1,038.7 |
Retained Earnings | 17.4 | 17.1 |
Accumulated other comprehensive income (loss) | (64.3) | 7.6 |
Total Diebold Nixdorf, Incorporated shareholders' equity | 996.7 | 1,063.8 |
Noncontrolling interests | 12.3 | 15.4 |
Total equity | 1,009 | 1,079.2 |
Total liabilities and equity | 3,849.6 | 4,162 |
Customer relationships, net | ||
Current assets | ||
Intangible assets, net | 511.5 | 543 |
Other intangible assets, net | ||
Current assets | ||
Intangible assets, net | $ 321.3 | $ 348.3 |
Condensed Consolidated Balanc_2
Condensed Consolidated Balance Sheets (Parenthetical) - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
Current assets | ||
Allowance for doubtful accounts | $ 8.4 | $ 3.6 |
Accumulated depreciation and amortization | $ 35.2 | $ 14.3 |
Diebold Nixdorf, Incorporated shareholders' equity | ||
Preferred stock, authorized (in shares) | 2,000,000 | 2,000,000 |
Preferred stock, issued (in shares) | 0 | 0 |
Common stock, par value (in dollars per share) | $ 0.01 | $ 0.01 |
Common stock, authorized (in shares) | 45,000,000 | 45,000,000 |
Common stock, issued (in shares) | 37,566,668 | 37,566,668 |
Common stock, outstanding (in shares) | 37,566,668 | 37,566,668 |
Condensed Consolidated Statemen
Condensed Consolidated Statements of Operations - USD ($) shares in Millions, $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Net sales | ||||
Net sales | $ 939.7 | $ 922.2 | $ 1,835.1 | $ 1,780.3 |
Cost of sales | ||||
Total cost of sales | 696.5 | 697 | 1,383.3 | 1,345.8 |
Gross profit | 243.2 | 225.2 | 451.8 | 434.5 |
Selling and administrative expense | 152.2 | 201 | 313.8 | 384.8 |
Research, development and engineering expense | 22.1 | 25.4 | 46.3 | 51.8 |
Loss (gain) on sale of assets, net | (1.8) | 0.9 | (2.8) | 1.2 |
Impairment of assets | 0 | 1.8 | 0 | 2.7 |
Total operating expense | 172.5 | 229.1 | 357.3 | 440.5 |
Operating profit (loss) | 70.7 | (3.9) | 94.5 | (6) |
Other income (expense) | ||||
Interest income | 3 | 3.3 | 7.2 | 5 |
Interest expense | (38.6) | (69.7) | (82.2) | (151.6) |
Foreign exchange gain (loss), net | 7.6 | 1.5 | 8 | (9.1) |
Reorganization items, net | 0 | (636.2) | 0 | (636.2) |
Miscellaneous gain, net | 2.6 | 3.5 | 3.6 | 6.1 |
Profit (loss) before taxes | 45.3 | (701.5) | 31.1 | (791.8) |
Income tax expense (benefit) | 32 | (24.8) | 28.9 | (3.7) |
Equity in earnings (loss) of unconsolidated subsidiaries, net | 1.5 | (0.6) | (1.4) | (0.7) |
Net income (loss) | 14.8 | (677.3) | 0.8 | (788.8) |
Net income (loss) attributable to noncontrolling interests | (0.1) | (0.2) | 0.5 | (0.6) |
Net income (loss) attributable to Diebold Nixdorf, Incorporated | $ 14.9 | $ (677.1) | $ 0.3 | $ (788.2) |
Basic, weighted-average shares outstanding (in shares) | 37.6 | 80 | 37.6 | 79.7 |
Diluted, weighted-average shares outstanding (in shares) | 37.7 | 80 | 37.6 | 79.7 |
Net income (loss) attributable to Diebold Nixdorf, Incorporated | ||||
Basic earnings (loss) per share (in dollars per share) | $ 0.40 | $ (8.46) | $ 0.01 | $ (9.89) |
Diluted earnings (loss) per share (in dollars per share) | $ 0.40 | $ (8.46) | $ 0.01 | $ (9.89) |
Services | ||||
Net sales | ||||
Net sales | $ 540.7 | $ 538 | $ 1,065.5 | $ 1,054.4 |
Cost of sales | ||||
Total cost of sales | 398 | 388.1 | 806.7 | 751.1 |
Products | ||||
Net sales | ||||
Net sales | 399 | 384.2 | 769.6 | 725.9 |
Cost of sales | ||||
Total cost of sales | $ 298.5 | $ 308.9 | $ 576.6 | $ 594.7 |
Condensed Consolidated Statem_2
Condensed Consolidated Statements of Comprehensive Income (Loss) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Net income (loss) | $ 14.8 | $ (677.3) | $ 0.8 | $ (788.8) |
Other comprehensive income (loss), net of tax | ||||
Translation adjustment | (35.4) | 18.6 | (78.4) | 25.5 |
Pension and other post-retirement benefits | ||||
Net actuarial gain (loss) amortized, net of tax | 1.9 | 0.8 | 6.9 | 2.1 |
Other comprehensive income (loss), net of tax | (34.1) | 19.6 | (72.1) | 28.1 |
Comprehensive loss | (19.3) | (657.7) | (71.3) | (760.7) |
Less: Comprehensive income (loss) attributable to noncontrolling interests | (0.3) | (6.8) | 0.3 | (5) |
Comprehensive loss attributable to Diebold Nixdorf, Incorporated | (19) | (650.9) | (71.6) | (755.7) |
Foreign exchange forward contracts | ||||
Other comprehensive income (loss), net of tax | ||||
Foreign currency hedges, net of tax | (0.3) | 0 | (0.3) | 0 |
Interest rate swap | ||||
Interest rate hedges | ||||
Net income recognized in other comprehensive income, net of tax | $ (0.3) | $ 0.2 | $ (0.3) | $ 0.5 |
Condensed Consolidated Statem_3
Condensed Consolidated Statements of Comprehensive Income (Loss) (Parenthetical) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Net actuarial gain (loss) amortized, tax | $ 0 | $ (0.2) | $ (2.1) | $ (0.7) |
Foreign exchange forward contracts | ||||
Foreign currency hedges, tax | (0.3) | 0 | (0.3) | 0 |
Interest rate swap | ||||
Net income recognized in other comprehensive income, tax | $ 0 | $ 0 | $ 0 | $ 0 |
Condensed Consolidated Statem_4
Condensed Consolidated Statements of Cash Flows - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | |
Cash flow from operating activities: | ||
Net income (loss) | $ 0.8 | $ (788.8) |
Adjustments to reconcile net loss to cash flow used by operating activities: | ||
Depreciation and amortization | 15.2 | 24.8 |
Amortization of fair valued assets | 48.3 | 35.7 |
Amortization of deferred financing costs into interest expense | 0.8 | 21.8 |
Reorganization items (non-cash) | 0 | 541.6 |
Reorganization items (debt make whole premium) | 0 | 91 |
Share-based compensation | 4.5 | 2.1 |
Debt prepayment costs | 2 | 0 |
(Gain) loss on sale of assets, net | (2.4) | 1.2 |
Impairment of assets | 0 | 2.7 |
Deferred income taxes | 7.9 | (29.5) |
Other | 0 | 1.5 |
Changes in certain assets and liabilities: | ||
Trade receivables | 51.6 | (30.4) |
Inventories | (66.3) | (43.2) |
Accounts payable | (24.8) | (118.1) |
Deferred revenue | (6.5) | (50.1) |
Sales tax and net value added tax | (35.1) | (28.5) |
Income taxes | (14.2) | (7.7) |
Accrued salaries, wages and commissions | 0.2 | 21.3 |
Restructuring accrual | 6.4 | (29.9) |
Warranty liability | 3.7 | (2.9) |
Pension and post retirement benefits | (2.4) | 0.5 |
Accrued interest | 0.1 | 32.9 |
Certain other assets and liabilities | (21.3) | 14.4 |
Net cash used by operating activities | (31.5) | (337.6) |
Cash flow from investing activities | ||
Capital expenditures | (8.4) | (11.2) |
Capitalized software development | (12.6) | (10.8) |
Proceeds from maturities of investments | 158.7 | 131 |
Payments for purchases of investments | (154.7) | (115.6) |
Proceeds from sale of assets | 1.2 | 0 |
Net cash used by investing activities | (15.8) | (6.6) |
Cash flow from financing activities | ||
Revolving credit facility borrowings, net | 39.3 | 0 |
Repayment of ABL credit agreement, net | 0 | (188.3) |
Debt issuance costs | (4.6) | (3.8) |
Receipt of DIP financing | 0 | 1,250 |
Borrowings - FILO | 0 | 58.9 |
Repayments - FILO | 0 | (58.9) |
Repayment of term loans | (200) | (400.6) |
Other debt borrowings | 0.3 | 2.1 |
Other debt repayments | (0.1) | (2.1) |
Debt make whole premium/prepayment costs | (2) | (91) |
Other | (2.8) | (2.9) |
Net cash (used), provided by financing activities | (169.9) | 563.4 |
Effect of exchange rate changes on cash, cash equivalents and restricted cash | (15) | 0.9 |
Change in cash, cash equivalents and restricted cash | (232.2) | 220.1 |
Add: Cash included in assets held for sale at beginning of period | 0 | 2.8 |
Less: Cash included in assets held for sale at end of period | 0 | 0.2 |
Cash, cash equivalents and restricted cash at the beginning of the period | 592.3 | 319.1 |
Cash, cash equivalents and restricted cash at the end of the period | 360.1 | 541.8 |
Change in cash, cash equivalents and restricted cash | ||
Cash and cash equivalents | 276.7 | 504.6 |
Restricted cash | 83.4 | 37.2 |
Total cash, cash equivalents, and restricted cash | 360.1 | 541.8 |
Cash paid for: | ||
Income taxes | 32.6 | 25.3 |
Interest | $ 76.4 | $ 45.2 |
Basis of Presentation
Basis of Presentation | 6 Months Ended |
Jun. 30, 2024 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Basis of Presentation | Basis of Presentation The condensed consolidated financial statements should be read in conjunction with the consolidated financial statements and notes contained in the Company’s Annual Report on Form 10-K for the year ended December 31, 2023. In addition, some of the Company’s statements in this Quarterly Report on Form 10-Q may involve risks and uncertainties that could significantly impact expected future results. The results for interim periods are not necessarily indicative of results for the entire year. The Company has reclassified the presentation of certain Predecessor information to conform to the Successor presentation. Bankruptcy Accounting and Fresh Start Accounting As described in Note 2, on June 1, 2023, the Company and certain of its U.S. and Canadian subsidiaries (collectively, the Debtors) filed voluntary petitions in the U.S. Bankruptcy Court for the Southern District of Texas (the U.S. Bankruptcy Court) seeking relief under chapter 11 of title 11 of the U.S. Code (the U.S. Bankruptcy Code). The cases were jointly administered under the caption In re: Diebold Holding Company, LLC, et al. (Case No. 23-90602) (the Chapter 11 Cases). Additionally, on June 1, 2023, Diebold Nixdorf Dutch Holding B.V. (Diebold Dutch) filed a scheme of arrangement relating to certain of the Company’s other subsidiaries (the Dutch Scheme Parties) and commenced voluntary proceedings (the Dutch Scheme Proceedings and, together with the Chapter 11 Cases, the Restructuring Proceedings) under the Dutch Act on Confirmation of Extrajudicial Plans (Wet homologatie onderhands akkoord) in the District Court of Amsterdam (the Dutch Court). In addition, on June 12, 2023, Diebold Dutch filed a voluntary petition for relief under chapter 15 of the U.S. Bankruptcy Code in the U.S. Bankruptcy Court seeking recognition of the Dutch Scheme Proceedings as a foreign main proceedings and related relief (the Chapter 15 Proceedings). For periods subsequent to the filing of the Restructuring Proceedings, the Company applied Financial Accounting Standards Board (FASB) Accounting Standards Codification (ASC) Topic No. 852 – Reorganizations (ASC 852) in preparing its consolidated financial statements. According, during the pendency of the Chapter 11 Cases and Dutch Scheme Proceedings, prepetition liabilities of the Debtors and Dutch Scheme Parties subject to compromise under the Restructuring Proceedings were distinguished from liabilities that were not expected to be compromised and post-petition liabilities in our condensed consolidated balance sheets. Liabilities subject to compromise were recorded at the amounts expected to be allowed by the U.S. Bankruptcy Court. Additionally, the income, expenses, gains and losses directly and incrementally resulting from the Chapter 11 Cases and Dutch Scheme Proceedings were separately reported as Reorganization items, net in our condensed consolidated statement of operations. In accordance with ASC 852, we qualified for and adopted fresh start accounting (Fresh Start Accounting) upon emergence from the Restructuring Proceedings, at which point we became a new entity for financial reporting because (i) the holders of the then existing common shares of the Predecessor received less than 50% of the new shares of common stock of the Successor outstanding upon emergence and (ii) the reorganization value of the Company’s assets immediately prior to confirmation of the Plans (defined in Note 2) was less than the total of all post-petition liabilities and allowed claims. Upon adoption of Fresh Start Accounting, the reorganization value derived from the enterprise value associated with the Plans was allocated to the Company’s identifiable tangible and intangible assets and liabilities based on their fair values (except for deferred income taxes), with the remaining excess value allocated to goodwill in accordance with ASC 805 – Business Combinations. Deferred income tax amounts were determined in accordance with ASC 740 – Income Taxes. References to “Predecessor” relate to the Condensed Consolidated Statements of Operations for the three and six months ended June 30, 2023 (Predecessor Period). References to “Successor” relate to the Condensed Consolidated Balance Sheets of the reorganized Company as of December 31, 2023 and June 30, 2024, and Condensed Consolidated Statements of Operations for the three and six months ended June 30, 2024 (Successor Period) and are not comparable to the Predecessor as indicated by the “black line” division in the financial statements and footnote tables, which emphasizes the lack of comparability between amounts presented. The Company’s financial results for future periods following the application of Fresh Start Accounting will be different from historical trends and the differences may be material. Principles of Consolidation We consolidate all wholly owned subsidiaries and controlled joint ventures. All material intercompany accounts and transactions have been eliminated in consolidation. Recently Issued Accounting Guidance The Company considers the applicability and impact of all Accounting Standards Updates (ASUs) issued by the FASB. In March 2020, the FASB issued guidance that provides optional expedients and exceptions for applying generally accepted accounting principles to contracts, hedging relationships, and other transactions affected by the transition away from reference rates expected to be discontinued to alternative reference rates. The guidance was effective upon issuance and may be applied prospectively to contract modifications made and hedging relationships entered into on or before December 31, 2024. The standard does not materially impact the Company's consolidated financial statements. In November 2023, the FASB issued ASU 2023-07 - Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. The amendments of ASU 2023-07 improve segment reporting disclosures, including significant segment expenses. The Company is currently evaluating the impact of this guidance on the Company’s condensed consolidated financial statements. In December 2023, the FASB issued ASU 2023-09 - Income Taxes (Topic 740): Improvements to Income Tax Disclosures. The amendments for ASU 2023-09 enhance income tax disclosures by including additional disclosures related to rate reconciliation and information regarding income taxes paid. The Company is currently evaluating the impact of this guidance on the Company’s condensed consolidated financial statements. Although there are other new accounting pronouncements issued by the FASB, the Company does not believe these pronouncements will have a material impact on its consolidated financial statements. |
Chapter 11 Cases and Dutch Sche
Chapter 11 Cases and Dutch Scheme Proceedings | 6 Months Ended |
Jun. 30, 2024 | |
Reorganizations [Abstract] | |
Chapter 11 Cases and Dutch Scheme Proceedings | Chapter 11 Cases and Dutch Scheme Proceedings On June 1, 2023, the Debtors filed voluntary petitions in the U.S. Bankruptcy Court seeking relief under he U.S. Bankruptcy Code. The cases were jointly administered under the Chapter 11 Cases. Additionally, on June 1, 2023, Diebold Dutch filed a scheme of arrangement relating to the Dutch Scheme Parties and the Restructuring Proceedings under the Dutch Act on Confirmation of Extrajudicial Plans (Wet homologatie onderhands akkoord) in the Dutch Court. In addition, on June 12, 2023, Diebold Dutch filed a voluntary petition for relief under the Chapter 15 Proceedings. On July 13, 2023, the U.S. Bankruptcy Court entered an order (the Confirmation Order) confirming the Debtors’ Second Amended Joint Prepackaged Chapter 11 Plan of Reorganization (the U.S. Plan). On August 2, 2023, the Dutch Court entered an order (the WHOA Sanction Order) sanctioning the Netherlands WHOA Plan of Diebold Dutch and the Dutch Scheme Companies (the WHOA Plan) in the Dutch Scheme Proceedings. On August 7, 2023, the U.S. Bankruptcy Court entered an order in the Chapter 15 Proceedings recognizing the WHOA Plan and the WHOA Sanction Order. On August 11, 2023 (the Effective Date or Fresh Start Reporting Date), the U.S. Plan and WHOA Plan (together, the Plans) became effective in accordance with their terms and the Debtors and the Dutch Scheme Parties emerged from the Chapter 11 Cases and the Dutch Scheme Proceedings. Following filing the notice of the Effective Date with the U.S. Bankruptcy Court, the Chapter 15 Proceedings were closed. Upon emergence from the Chapter 11 Cases and Dutch Scheme Proceedings, the Company qualified for and adopted Fresh Start Accounting, which resulted in the Company becoming a new entity for financial reporting purposes (the Successor). The reorganization value derived from the range of enterprise values associated with the Plans was allocated to the Company’s identifiable tangible and intangible assets and liabilities based on their fair values (except for deferred income taxes) with the remaining excess value allocated to goodwill. As a result of the adoption of Fresh Start Accounting and the effects of the implementation of the Plans, the Company’s condensed consolidated financial statements of the Successor, are not comparable to its condensed consolidated financial statements of the Predecessor. |
Fresh Start Accounting
Fresh Start Accounting | 6 Months Ended |
Jun. 30, 2024 | |
Reorganizations [Abstract] | |
Fresh Start Accounting | Chapter 11 Cases and Dutch Scheme Proceedings On June 1, 2023, the Debtors filed voluntary petitions in the U.S. Bankruptcy Court seeking relief under he U.S. Bankruptcy Code. The cases were jointly administered under the Chapter 11 Cases. Additionally, on June 1, 2023, Diebold Dutch filed a scheme of arrangement relating to the Dutch Scheme Parties and the Restructuring Proceedings under the Dutch Act on Confirmation of Extrajudicial Plans (Wet homologatie onderhands akkoord) in the Dutch Court. In addition, on June 12, 2023, Diebold Dutch filed a voluntary petition for relief under the Chapter 15 Proceedings. On July 13, 2023, the U.S. Bankruptcy Court entered an order (the Confirmation Order) confirming the Debtors’ Second Amended Joint Prepackaged Chapter 11 Plan of Reorganization (the U.S. Plan). On August 2, 2023, the Dutch Court entered an order (the WHOA Sanction Order) sanctioning the Netherlands WHOA Plan of Diebold Dutch and the Dutch Scheme Companies (the WHOA Plan) in the Dutch Scheme Proceedings. On August 7, 2023, the U.S. Bankruptcy Court entered an order in the Chapter 15 Proceedings recognizing the WHOA Plan and the WHOA Sanction Order. On August 11, 2023 (the Effective Date or Fresh Start Reporting Date), the U.S. Plan and WHOA Plan (together, the Plans) became effective in accordance with their terms and the Debtors and the Dutch Scheme Parties emerged from the Chapter 11 Cases and the Dutch Scheme Proceedings. Following filing the notice of the Effective Date with the U.S. Bankruptcy Court, the Chapter 15 Proceedings were closed. Upon emergence from the Chapter 11 Cases and Dutch Scheme Proceedings, the Company qualified for and adopted Fresh Start Accounting, which resulted in the Company becoming a new entity for financial reporting purposes (the Successor). The reorganization value derived from the range of enterprise values associated with the Plans was allocated to the Company’s identifiable tangible and intangible assets and liabilities based on their fair values (except for deferred income taxes) with the remaining excess value allocated to goodwill. As a result of the adoption of Fresh Start Accounting and the effects of the implementation of the Plans, the Company’s condensed consolidated financial statements of the Successor, are not comparable to its condensed consolidated financial statements of the Predecessor. |
Earnings (Loss) Per Share
Earnings (Loss) Per Share | 6 Months Ended |
Jun. 30, 2024 | |
Earnings Per Share [Abstract] | |
Earnings (Loss) Per Share | Earnings (Loss) Per Share Basic earnings (loss) per share is based on the weighted-average number of shares of common stock outstanding. Diluted earnings (loss) per share includes the dilutive effect of shares of potential common stock outstanding. Under the two-class method of computing earnings (loss) per share, non-vested share-based payment awards that contain rights to receive non-forfeitable dividends are considered participating securities. During the Predecessor Periods, the Company’s participating securities included restricted stock units (RSUs), director deferred shares and shares that vested but were deferred by employees. There were no participating securities in the Successor Period. The Company calculated basic and diluted earnings (loss) per share under both the treasury stock method and the two-class method. For the three and six months ended June 30, 2024 and 2023, there were no differences in the earnings (loss) per share amounts calculated using the two methods. Accordingly, the treasury stock method is disclosed below; however, because the Company was in a net loss position in the Predecessor Periods of the three and six months ended June 30, 2023, dilutive shares are excluded from the shares used in the computation of Predecessor Periods diluted loss per share. The following table represents amounts used in computing earnings (loss) per share and the effect on the weighted-average number of shares of potential dilutive common stock: Successor Predecessor Three months ended Three months ended June 30, 2024 June 30, 2023 Numerator Earnings (loss) used in basic and diluted loss per share Net income (loss) $ 14.8 $ (677.3) Net income (loss) attributable to noncontrolling interests (0.1) (0.2) Net income (loss) attributable to Diebold Nixdorf, Incorporated $ 14.9 $ (677.1) Denominator Weighted-average number of shares of common stock used in basic earnings (loss) per share (1) 37.6 80.0 Effect of dilutive shares (1) 0.1 — Weighted-average number of shares used in diluted earnings (loss) per share 37.7 80.0 Net income (loss) attributable to Diebold Nixdorf, Incorporated Basic earnings (loss) per share $ 0.40 $ (8.46) Diluted earnings (loss) per share $ 0.40 $ (8.46) Anti-dilutive shares Anti-dilutive shares not used in calculating diluted weighted-average shares 1.0 1.8 (1) 1.7 shares for the three months ended June 30, 2023 (Predecessor) are excluded from the computation of diluted loss per share because the effects are anti-dilutive, due to the net loss position. Successor Predecessor Six months ended Six months ended June 30, 2024 June 30, 2023 Numerator Earnings (loss) used in basic and diluted loss per share Net income (loss) $ 0.8 $ (788.8) Net income (loss) attributable to noncontrolling interests 0.5 (0.6) Net income (loss) attributable to Diebold Nixdorf, Incorporated $ 0.3 $ (788.2) Denominator Weighted-average number of shares of common stock used in basic earnings (loss) per share (1) 37.6 79.7 Effect of dilutive shares (1) — — Weighted-average number of shares used in diluted earnings (loss) per share 37.6 79.7 Net income (loss) attributable to Diebold Nixdorf, Incorporated Basic earnings (loss) per share $ 0.01 $ (9.89) Diluted earnings (loss) per share $ 0.01 $ (9.89) Anti-dilutive shares Anti-dilutive shares not used in calculating diluted weighted-average shares 1.2 2.0 (1) 1.9 shares for the six months ended June 30, 2023 (Predecessor) are excluded from the computation of diluted loss per share because the effects are anti-dilutive, due to the net loss position. |
Income Taxes
Income Taxes | 6 Months Ended |
Jun. 30, 2024 | |
Income Tax Disclosure [Abstract] | |
Income Taxes | Income Taxes Successor Predecessor Three months ended Three months ended June 30, 2024 June 30, 2023 Income Tax Expense/(Benefit) $ 32.0 $ (24.8) Effective Tax Rate 70.6 % 3.5 % Successor Predecessor Six months ended Six months ended June 30, 2024 June 30, 2023 Income Tax Expense/(Benefit) $ 28.9 $ (3.7) Effective Tax Rate 92.9 % 0.5 % The effective tax rate on the loss from continuing operations was 70.6 percent and 92.9 percent for the three and six months ended June 30, 2024, respectively. The effective tax rate differed compared to the U.S. federal statutory rate for the variations in the expected jurisdictional mix of earnings and expected permanent tax differences relative to pretax earnings. For the three and six months ended June 30, 2024, the Company estimated its annual effective tax rate and applied it to year-to-date ordinary income/loss pursuant to Accounting Standards Codification (ASC) 740-270-25-1. The Company reports the tax effect of unusual or infrequently occurring items, including changes in judgement about valuation allowances, uncertain tax positions, and effects of changes in tax laws or rates in the interim period in which they occur. The BEPS 2.0 Pillar Two global minimum tax rules, previously enacted by several jurisdictions in which the Company operates, became effective in 2024. The Company does not estimate a material impact on its annual effective tax rate from these rules. The effective tax rate on the loss from continuing operations was 3.5 percent and 0.5 percent for the three and six months ended June 30, 2023, respectively. The tax provision for the three and six months ended June 30, 2023, was attributable to the jurisdictional mix of pre-tax income and losses, reorganization charges, and discrete tax adjustments for current tax expense related to tax return to provision differences and changes in permanent reinvestment assertions. For the three and six months ended June 30, 2023, the Company calculated its income tax expense using the actual effective tax rate year to date, as opposed to the estimated annual effective tax rate, as provided in Accounting Standards Codification (ASC) 740-270-30-18. |
Inventories
Inventories | 6 Months Ended |
Jun. 30, 2024 | |
Inventory Disclosure [Abstract] | |
Inventories | Inventories Major classes of inventories are summarized as follows: Successor June 30, 2024 December 31, 2023 Raw materials and work in process $ 204.7 $ 174.0 Finished goods 256.8 242.0 Total product inventories 461.5 416.0 Service parts 171.2 173.8 Total inventories $ 632.7 $ 589.8 |
Investments
Investments | 6 Months Ended |
Jun. 30, 2024 | |
Investments, Debt and Equity Securities [Abstract] | |
Investments | Investments The Company’s investments, primarily held by our subsidiaries in Brazil, consist of certificates of deposit that are recorded at fair value based upon quoted market prices. Changes in fair value are recognized in interest income, determined using the specific identification method, and were minimal. There were no sales of securities or proceeds from the sale of securities prior to the maturity date during the three and six months ended June 30, 2024 (Successor) and 2023 (Predecessor). The Company has deferred compensation plans that enable certain employees to defer receipt of a portion of their cash, 401(k) or share-based compensation and enable non-employee directors to defer receipt of director fees at the participants’ discretion. For deferred cash-based compensation, the Company established rabbi trusts (refer to Note 15), which are recorded at fair value of the underlying securities and presented within securities and other investments. The related deferred compensation liability is recorded at fair value and presented within other long-term liabilities. Realized and unrealized gains and losses on marketable securities in the rabbi trusts are recognized in interest income. The Company’s investments subject to fair value measurement consist of the following: Cost Basis Unrealized Fair Value As of June 30, 2024 (Successor) Short-term investments Certificates of deposit $ 8.7 $ — $ 8.7 Long-term investments Assets held in a rabbi trust $ 2.2 $ 0.9 $ 3.1 As of December 31, 2023 (Successor) Short-term investments Certificates of deposit $ 13.4 $ — $ 13.4 Long-term investments Assets held in a rabbi trust $ 2.3 $ 0.6 $ 2.9 Securities and other investments also includes cash surrender value of insurance contracts of $3.6 and $3.6 as of June 30, 2024 (Successor) and December 31, 2023 (Successor), respectively. |
Goodwill and Other Intangible A
Goodwill and Other Intangible Assets | 6 Months Ended |
Jun. 30, 2024 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Goodwill and Other Intangible Assets | Goodwill and Other Intangible Assets The Company has the following operating segments: Banking and Retail. This is described in further detail in Note 19, and is consistent with how the Chief Executive Officer, the chief operating decision maker (CODM), makes key operating decisions, allocates resources, and assesses the performance of the business. The excess of the Successor’s reorganization value over the fair value of identified tangible and intangible assets as of the Emergence Date is reported separately on the Company’s condensed consolidated balance sheets as goodwill. The changes in the carrying amount of goodwill for the six months ended June 30, 2024 (Successor): Banking Retail Total Goodwill, balance at January 1, 2024 (Successor) $ 471.4 $ 145.3 $ 616.7 Currency translation adjustment (10.9) (3.4) (14.3) Goodwill, balance at June 30, 2024 (Successor) $ 460.5 $ 141.9 $ 602.4 The following summarizes information on Intangible assets by major category: Successor June 30, 2024 December 31, 2023 Weighted-average remaining useful lives Gross Accumulated Net Gross Accumulated Net Customer relationships 16.5 years $ 538.9 $ (27.4) $ 511.5 $ 555.5 $ (12.5) $ 543.0 Trademarks and trade names 17.1 years 116.6 (5.8) 110.8 118.8 (2.6) 116.2 Capitalized software development 2.0 years 30.4 (1.9) 28.5 22.0 (1.1) 20.9 Technology know-how and development costs non-software 5.1 years 189.6 (28.0) 161.6 193.3 (12.5) 180.8 Other intangibles 0.6 years 43.6 (23.2) 20.4 40.6 (10.2) 30.4 Other intangible assets, net 380.2 (58.9) 321.3 374.7 (26.4) 348.3 Total $ 919.1 $ (86.3) $ 832.8 $ 930.2 $ (38.9) $ 891.3 Costs incurred for the development of external-use software that will be sold, leased or otherwise marketed are capitalized when technological feasibility has been established. These costs are included within other assets and are amortized on a straight-line basis over the estimated useful lives ranging from three The following table identifies the activity relating to total capitalized software development: 2024 Beginning balance as of January 1 (Successor) $ 20.9 Capitalization 9.0 Amortization (1.0) Other (0.4) Ending balance as of June 30 (Successor) 28.5 2023 Beginning balance as of January 1 (Predecessor) $ 42.5 Capitalization 10.8 Amortization (10.3) Other (4.2) Ending balance as of June 30 (Predecessor) $ 38.8 The Company's total amortization expense, excluding amounts related to deferred financing costs, was $25.1 and $24.7 for the three months ended June 30, 2024 (Successor) and 2023 (Predecessor), respectively. The Company's total amortization expense, excluding amounts related to deferred financing costs, was $51.5 and $48.0 for the six months ended June 30, 2024 (Successor) and 2023 (Predecessor), respectively. |
Product Warranties
Product Warranties | 6 Months Ended |
Jun. 30, 2024 | |
Guarantees and Product Warranties [Abstract] | |
Product Warranties | Product Warranties The Company provides its customers a standard manufacturer’s warranty and records, at the time of the sale, a corresponding estimated liability for potential warranty costs. Estimated future obligations due to warranty claims are based upon historical factors such as labor rates, average repair time, travel time, number of service calls per machine and cost of replacement parts. Changes in the Company’s warranty liability balance are illustrated in the following table: Successor Predecessor 2024 2023 Beginning balance as of January 1 $ 28.0 $ 28.3 Current period accruals 19.6 15.4 Current period settlements (22.5) (18.1) Currency translation adjustment (1.7) 0.9 Ending balance as of June 30 $ 23.4 $ 26.5 |
Restructuring
Restructuring | 6 Months Ended |
Jun. 30, 2024 | |
Restructuring and Related Activities [Abstract] | |
Restructuring | Restructuring In the fourth quarter of 2023, the Company completed the 2022 initiative that was announced in the second quarter of 2022. The focus was to streamline operations, drive efficiencies and digitize processes. The savings realized were in line with expectations. The most significant expense of the initiative related to severance payments, while the remainder of the expenses incurred primarily relate to transitioning personnel and consultant fees in relation to the transformation process. Also during the fourth quarter of 2023, the Company introduced its continuous improvement initiative, noting that the Company is focused on consistently innovating its solutions to support a better transaction experience for consumers at bank and retail locations while simultaneously streamlining cost structures and business processes through the integration of hardware, software and services. The most significant expense of the quarter ended June 30, 2024 primarily relate to transitioning personnel and consultant fees in relation to the improvement process. The following tables summarizes the impact of the Company’s restructuring and transformation charges on the consolidated statements of operations: Successor Predecessor Three months ended Three months ended June 30, 2024 June 30, 2023 Cost of sales – services $ (0.3) $ 3.6 Cost of sales – products 1.1 0.3 Selling and administrative expense 10.3 13.4 Research, development and engineering expense (0.5) 0.5 Loss on sale of assets, net — 0.8 Total $ 10.6 $ 18.6 Successor Predecessor Six months ended Six months ended June 30, 2024 June 30, 2023 Cost of sales – services $ 16.0 $ 4.2 Cost of sales – products 1.8 0.6 Selling and administrative expense 27.0 26.4 Research, development and engineering expense 2.5 1.1 Loss on sale of assets, net — 1.3 Total $ 47.3 $ 33.6 The following table summarizes the Company’s severance accrual balance and related activity: 2024 Beginning balance as of January 1 (Successor) $ 10.3 Severance accrual 22.8 Payout/Settlement (16.4) Other (0.3) Ending balance as of June 30 (Successor) $ 16.4 2023 Beginning balance as of January 1 (Predecessor) $ 44.2 Severance accrual 6.4 Payout/Settlement (36.3) Other 0.3 Ending balance as of June 30 (Predecessor) $ 14.6 |
Debt
Debt | 6 Months Ended |
Jun. 30, 2024 | |
Debt Disclosure [Abstract] | |
Debt | Debt Outstanding debt balances were as follows: Successor June 30, 2024 December 31, 2023 Notes payable – current Other $ 0.5 $ 0.3 $ 0.5 $ 0.3 Long-term debt Exit Facility $ 1,050.0 $ 1,250.0 Revolving Facility 39.3 — Other 15.4 3.6 $ 1,104.7 $ 1,253.6 Long-term deferred financing fees (4.9) (1.2) $ 1,099.8 $ 1,252.4 DIP Facility and Exit Credit Agreement On June 5, 2023, the Company, as borrower, entered into the credit agreement governing the Debtor's $1,250.0 debtor-in-possession term loan credit facility (DIP Facility) along with certain financial institutions party thereto, as lenders (the Lenders), and GLAS USA LLC, as administrative agent, and GLAS Americas LLC, as collateral agent (the DIP Credit Agreement), and the closing of the DIP Facility occurred on the same day. The DIP Facility provided for two tranches of term loans to be made on the closing date of the DIP Facility: (i) a $760.0 Term B-1 tranche and (ii) a $490.0 Term B-2 tranche. On June 5, 2023, the proceeds of the DIP Facility were used, among others, to: (i) repay in full the term loan obligations, including a make-whole premium, under a $400.0 superpriority secured term loan facility (Superpriority Facility) and (ii) repay in full a $250.0 asset-based revolving credit facility (ABL Facility) and cash collateralize letters of credit thereunder. The payment for the Superpriority Facility totaled $492.3 and was comprised of $401.3 of principal and interest, $20.0 of premium, and a make-whole amount of $71.0. The payment for the ABL Facility, including an additional tranche of commitments thereunder consisting of a senior secured "last out" term facility (FILO Tranche), and the cash collateralization of the letters of credit thereunder totaled $241.0 and was comprised of $211.2 of principal and interest and $29.8 of the cash collateralized letters of credit. On the Effective Date (i.e., August 11, 2023), the Company, as borrower, entered into a credit agreement (the Exit Credit Agreement) governing its $1,250.0 senior secured term loan credit facility (the Exit Facility) along with the Lenders, GLAS USA LLC, as administrative agent, and GLAS Americas LLC, as collateral agent. Concurrently with the closing of the Exit Facility, the Company’s existing $1,250.0 DIP Facility was terminated and the loans outstanding under the DIP Facility were converted into loans outstanding under the Exit Facility (the Conversion), and the liens and guarantees, including all guarantees and liens granted by certain subsidiaries of the Company that are organized in the United States and in certain foreign jurisdictions, granted under the DIP Facility were automatically terminated and released. In connection with the Conversion, the entire $1,250.0 under the Exit Facility was deemed drawn on the Effective Date. The Exit Facility will mature on August 11, 2028. The Company may repay the loans under the Exit Facility at any time; provided that certain repayments of the loans made on or prior to February 11, 2025 with the proceeds of certain types of indebtedness must be accompanied by a premium of either 1.00% or 5.00% of the principal amount of the loans repaid. The amount of the premium is based on the type of indebtedness incurred to repay the loans. Amounts borrowed and repaid under the Exit Facility may not be reborrowed. The obligations of the Company under the Exit Facility are guaranteed by certain subsidiaries of the Company that are organized in the United States (the Guarantors). The Exit Facility and related guarantees are secured by perfected senior security interests and liens on substantially all assets of the Company and each Guarantor. Loans under the Exit Facility bear interest at an adjusted secured overnight financing rate with a one-month tenor rate plus 7.50 percent per annum or an adjusted base rate plus 6.50 percent per annum. The Exit Facility includes conditions precedent, representations and warranties, affirmative and negative covenants and events of default that are customary for financings of this type and size. Events of default include both credit and non-credit events such as a change of control, nonpayment of principal or interest, etc. In the event of a default, the Lenders may declare the outstanding amounts immediately due and payable. Revolving Facility On February 13, 2024, the Company, as borrower, entered into a credit agreement (the Revolving Credit Agreement) with certain financial institutions party thereto, as lenders, and PNC Bank, National Association, as administrative agent and collateral agent. The Revolving Credit Agreement provides for a superior-priority senior secured revolving credit facility (the Credit Facility) in an aggregate principal amount of $200.0, which includes a $50.0 letter of credit sub-limit and a $20.0 swing loan sub-limit. Borrowings under the Credit Facility may be used by the Company for (i) the Repayment (as defined below) and (ii) general corporate purposes and working capital. As of the effective date of the Revolving Credit Agreement, the Credit Facility is fully drawn. Concurrently with the closing of the Credit Facility, the Company prepaid $200.0 (the Repayment) of outstanding principal of its senior secured term loans under the Exit Credit Agreement, by and among the Company, certain financial institutions party thereto, as lenders, GLAS USA LLC, as administrative agent, and GLAS Americas LLC, as collateral agent. The Repayment pays down a portion of the borrowings outstanding under the Exit Facility. The Credit Facility will mature on February 13, 2027. The obligations of the Company under the Credit Facility are guaranteed by certain subsidiaries of the Company that are organized in the United States (the Guarantors). The Credit Facility and related guarantees are secured by perfected super-priority senior security interests and liens on substantially all assets of the Company and each Guarantor. Loans under the Credit Facility bear interest at an adjusted secured overnight financing rate plus 4.00 percent per annum or an adjusted base rate plus 3.00 percent per annum. The Credit Facility includes conditions precedent, representations and warranties, affirmative and negative covenants and events of default that are customary for financings of this type and size. The cash flows related to debt borrowings and repayments were as follows: Successor Predecessor Six months ended Six months ended June 30, 2024 June 30, 2023 Revolving credit facility borrowings $ 200.0 $ — Revolving credit facility repayments $ (160.7) $ — Other debt borrowings FILO $ — $ 58.9 Proceeds from DIP Facility — 1,250.0 International short-term uncommitted lines of credit borrowings 0.3 2.1 $ 0.3 $ 1,311.0 Other debt repayments Payments on Exit Financing $ (200.0) $ — Payments on Term Loan B Facility - USD under the Credit Agreement — (1.3) Payments on Term Loan B Facility - Euro under the Credit Agreement — (0.3) Repayment of ABL, net — (188.3) Repayment of FILO — (58.9) Repayment of 2025 Superpriority Term Loans — (400.6) International short-term uncommitted lines of credit and other repayments (0.2) (0.5) $ (200.2) $ (649.9) Below is a summary of financing information: Financing Facilities Interest Rate Maturity/Termination Dates Initial Term (Years) Exit Facility (i) SOFR + 7.50% August 2028 5.0 Revolving Credit Facility - Term Benchmark Advances (ii) SOFR + 4.00% February 2027 3.0 (i) SOFR with a floor of 4.0 percent (ii) SOFR with a floor of 1.5 percent Line of Credit As of June 30, 2024, the Company had various international short-term lines of credit with borrowing limits aggregating to $6.7. There were no outstanding borrowings on the short-term lines of credit as of June 30, 2024 or December 31, 2023. Short-term lines mature in less than one year and are used to support working capital, vendor financing and foreign exchange derivatives. |
Equity
Equity | 6 Months Ended |
Jun. 30, 2024 | |
Equity [Abstract] | |
Equity | Equity The following tables present changes in shareholders' equity attributable to Diebold Nixdorf, Incorporated and the noncontrolling interests: Accumulated Other Comprehensive Income (Loss) Total Diebold Nixdorf, Incorporated Shareholders' Equity Common Shares Additional Retained Earnings Treasury Equity Warrants Non-controlling Total Balance, December 31, 2023 (Successor) $ 0.4 $ 1,038.7 $ 17.1 $ — $ 7.6 $ — $ 1,063.8 $ 15.4 $ 1,079.2 Net loss — — (14.6) — — — (14.6) 0.6 (14.0) Other comprehensive loss — — — — (38.0) — (38.0) — (38.0) Share-based compensation expense — 1.9 — — — — 1.9 — 1.9 Distribution to noncontrolling interest holders, net — — — — — — — (3.4) (3.4) Balance, March 31, 2024 (Successor) $ 0.4 $ 1,040.6 $ 2.5 $ — $ (30.4) $ — $ 1,013.1 $ 12.6 $ 1,025.7 Net income — — 14.9 — — — 14.9 (0.1) 14.8 Other comprehensive loss — — — — (33.9) — (33.9) (0.2) (34.1) Share-based compensation expense — 2.6 — — — — 2.6 — 2.6 Balance, June 30, 2024 (Successor) $ 0.4 $ 1,043.2 $ 17.4 $ — $ (64.3) $ — $ 996.7 $ 12.3 $ 1,009.0 Accumulated Other Comprehensive Income (Loss) Total Diebold Nixdorf, Incorporated Shareholders' Equity Common Shares Additional Accumulated Deficit Treasury Equity Warrants Non-controlling Total Balance, December 31, 2022 (Predecessor) $ 119.8 $ 831.5 $ (1,406.7) $ (585.6) $ (360.0) $ 20.1 $ (1,380.9) $ 9.8 $ (1,371.1) Net loss — — (111.1) — — — (111.1) (0.4) (111.5) Other comprehensive income — — — — 6.3 — 6.3 2.2 8.5 Share-based compensation issued 1.0 (1.0) — — — — — — — Share-based compensation expense — 1.3 — — — — 1.3 — 1.3 Treasury shares — — — (0.8) — — (0.8) — (0.8) Balance, March 31, 2023 (Predecessor) $ 120.8 $ 831.8 $ (1,517.8) $ (586.4) $ (353.7) $ 20.1 $ (1,485.2) $ 11.6 $ (1,473.6) Net loss — — (677.1) — — — (677.1) (0.2) (677.3) Other comprehensive loss — — — — 26.2 — 26.2 (6.6) 19.6 Share-based compensation issued 0.4 (0.5) — — — — (0.1) — (0.1) Share-based compensation expense — 0.8 — — — — 0.8 — 0.8 Balance, June 30, 2023 (Predecessor) $ 121.2 $ 832.1 $ (2,194.9) $ (586.4) $ (327.5) $ 20.1 $ (2,135.4) $ 4.8 $ (2,130.6) |
Accumulated Other Comprehensive
Accumulated Other Comprehensive Income (Loss) | 6 Months Ended |
Jun. 30, 2024 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Accumulated Other Comprehensive Income (Loss) | Accumulated Other Comprehensive Income (Loss) The following table summarizes the changes in the Company’s accumulated other comprehensive income (loss) (AOCI), net of tax, by component for 2024: Translation Foreign Currency Hedges Interest Rate Hedges Pension and Other Post-retirement Benefits Other Accumulated Other Comprehensive Income (Loss) Balance at January 1, 2024 (Successor) $ 14.2 $ (0.1) $ — $ (6.1) $ (0.4) $ 7.6 Other comprehensive income (loss) before reclassifications (1) (43.0) — — — — (43.0) Amounts reclassified from AOCI — — — 5.0 — 5.0 Net current-period other comprehensive income (loss) (43.0) — — 5.0 — (38.0) Balance at March 31, 2024 (Successor) $ (28.8) $ (0.1) $ — $ (1.1) $ (0.4) $ (30.4) Other comprehensive income (loss) before reclassifications (2) (35.2) (0.3) (0.3) — — (35.8) Amounts reclassified from AOCI — — — 1.9 — 1.9 Net current-period other comprehensive income (loss) (35.2) (0.3) (0.3) 1.9 — (33.9) Balance at June 30, 2024 (Successor) $ (64.0) $ (0.4) $ (0.3) $ 0.8 $ (0.4) $ (64.3) (1) Other comprehensive income (loss) before reclassifications within the translation component excludes a nominal translation amount attributable to noncontrolling interests. (2) Other comprehensive income (loss) before reclassifications within the translation component excludes a $0.2 translation amount attributable to noncontrolling interests. . The following table summarizes the changes in the Company’s AOCI, net of tax, by component for 2023: Translation Foreign Currency Hedges Interest Rate Hedges Pension and Other Post-retirement Benefits Other Accumulated Other Comprehensive Income (Loss) Balance at January 1, 2023 (Predecessor) $ (352.1) $ (1.9) $ 5.3 $ (12.6) $ 1.3 $ (360.0) Other comprehensive income (loss) before reclassifications (1) 4.7 — 0.3 — — 5.0 Amounts reclassified from AOCI — — — 1.3 — 1.3 Net current-period other comprehensive income (loss) 4.7 — 0.3 1.3 — 6.3 Balance at March 31, 2023 (Predecessor) $ (347.4) $ (1.9) $ 5.6 $ (11.3) $ 1.3 $ (353.7) Other comprehensive income (loss) before reclassifications (2) 25.2 — 0.2 — — 25.4 Amounts reclassified from AOCI — — — 0.8 — 0.8 Net current-period other comprehensive income (loss) 25.2 — 0.2 0.8 — 26.2 Balance at June 30, 2023 (Predecessor) $ (322.2) $ (1.9) $ 5.8 $ (10.5) $ 1.3 $ (327.5) (1) Other comprehensive income (loss) before reclassifications within the translation component excludes $(2.2) of translation attributable to noncontrolling interests. : (2) Other comprehensive income (loss) before reclassifications within the translation component excludes $6.6 of translation attributable to noncontrolling interests. : The following table summarizes the details about the amounts reclassified from AOCI: Successor Predecessor Affected Line Item on the Statement of Operations Three months ended Three months ended June 30, 2024 June 30, 2023 Pension and post-retirement benefits: Net actuarial gain (loss) amortized (net of tax of $— in the Successor Period and $(0.2) in the Predecessor Period, respectively) $ 1.9 $ 0.8 Miscellaneous, net Successor Predecessor Affected Line Item on the Statement of Operations Six months ended Six months ended June 30, 2024 June 30, 2023 Pension and post-retirement benefits: Net actuarial gain (loss) amortized (net of tax of $(2.1) in the Successor Period and $(0.7) in the Predecessor Period, respectively) $ 6.9 $ 2.1 Miscellaneous, net |
Benefit Plans
Benefit Plans | 6 Months Ended |
Jun. 30, 2024 | |
Retirement Benefits [Abstract] | |
Benefit Plans | Benefit Plans Qualified Retirement Benefits. The Company has a qualified retirement plan covering certain U.S. employees that has been closed to new participants since 2003 and frozen since December 2013. The Company has a number of non-U.S. defined benefit plans covering eligible employees located predominately in Europe, the most significant of which are German plans. Benefits for these plans are based primarily on each employee's final salary, with periodic adjustments for inflation. The obligations in Germany consist of employer funded pension plans and deferred compensation plans. The employer funded pension plans are based upon direct performance-related commitments in terms of defined contribution plans. Each beneficiary receives, depending on individual pay-scale grouping, contractual classification, or income level, different yearly contributions. The contribution is multiplied by an age factor appropriate to the respective pension plan and credited to the individual retirement account of the employee. The retirement accounts may be used up at retirement by either a one-time lump-sum payout or payments of up to ten years. The Company has other defined benefit plans outside the U.S., which have not been mentioned here due to materiality. Supplemental Executive Retirement Benefits. The Company has non-qualified pension plans in the U.S. to provide supplemental retirement benefits to certain officers, which have also been frozen since December 2013. Benefits are payable at retirement based upon a percentage of the participant’s compensation, as defined. Other Benefits. In addition to providing retirement benefits, the Company provides post-retirement healthcare and life insurance benefits (referred to as other benefits) for certain retired employees. Retired eligible employees in the U.S. may be entitled to these benefits based upon years of service with the Company, age at retirement and collective bargaining agreements. There are no plan assets and the Company funds the benefits as the claims are paid. The post-retirement benefit obligation was determined by application of the terms of medical and life insurance plans together with relevant actuarial assumptions and healthcare cost trend rates. The following tables set forth the net periodic benefit cost for the Company’s U.S. defined benefit pension plans: Successor Predecessor Three months ended Three months ended June 30, 2024 June 30, 2023 Components of net periodic benefit cost Interest cost $ 4.9 $ 4.8 Expected return on plan assets (4.6) (4.5) Recognized net actuarial loss — 0.2 Net periodic pension benefit cost $ 0.3 $ 0.5 Successor Predecessor Six months ended Six months ended June 30, 2024 June 30, 2023 Components of net periodic benefit cost Interest cost $ 9.7 $ 9.7 Expected return on plan assets (9.2) (9.0) Recognized net actuarial loss — 0.4 Net periodic pension benefit cost $ 0.5 $ 1.1 The following tables set forth the net periodic benefit cost for the Company’s Non-U.S. defined benefit pension plans: Successor Predecessor Three months ended Three months ended June 30, 2024 June 30, 2023 Components of net periodic benefit cost Service cost $ 1.6 $ 1.5 Interest cost 2.7 2.8 Expected return on plan assets (3.4) (3.3) Recognized net actuarial gain — (0.9) Amortization of prior service cost — (0.2) Net periodic pension benefit cost $ 0.9 $ (0.1) Successor Predecessor Six months ended Six months ended June 30, 2024 June 30, 2023 Components of net periodic benefit cost Service cost $ 3.4 $ 3.1 Interest cost 5.3 5.7 Expected return on plan assets (6.9) (6.7) Recognized net actuarial gain — (1.8) Amortization of prior service cost — (0.4) Net periodic pension benefit cost $ 1.8 $ (0.1) The following tables set forth the net periodic benefit cost for the Company’s other benefit plans during the period: Successor Predecessor Three months ended Three months ended June 30, 2024 June 30, 2023 Components of net periodic benefit cost Interest cost $ — $ — Recognized net actuarial gain — (0.1) Net periodic pension benefit cost $ — $ (0.1) Successor Predecessor Six months ended Six months ended June 30, 2024 June 30, 2023 Components of net periodic benefit cost Interest cost $ 0.1 $ 0.1 Recognized net actuarial gain — (0.2) Net periodic pension benefit cost $ 0.1 $ (0.1) Contributions and Reimbursements For the six months ended June 30, 2024 (Successor) and 2023 (Predecessor), there were contributions of $28.0 and $22.1, respectively, made to the qualified and non-qualified pension plans. The Company received reimbursements of $19.1 and $22.8 for certain benefits paid from its German plan trustee during the six months ended June, 30 2024 (Successor) and 2023 (Predecessor), respectively. |
Fair Value of Assets and Liabil
Fair Value of Assets and Liabilities | 6 Months Ended |
Jun. 30, 2024 | |
Fair Value Disclosures [Abstract] | |
Fair Value of Assets and Liabilities | Fair Value of Assets and Liabilities Assets and liabilities subject to fair value measurement by fair value level are recorded as follows: Successor June 30, 2024 December 31, 2023 Fair Value Measurements Using Fair Value Measurements Using Classification on condensed consolidated Balance Sheets Fair Value Level 1 Level 2 Fair Value Level 1 Level 2 Assets Certificates of deposit Short-term investments $ 8.7 $ 8.7 $ — $ 13.4 $ 13.4 $ — Assets held in rabbi trusts Securities and other investments 3.1 3.1 — 2.9 2.9 — Total $ 11.8 $ 11.8 $ — $ 16.3 $ 16.3 $ — Liabilities Foreign exchange forward contracts Other current liabilities $ — $ — $ — $ 0.4 $ — $ 0.4 Deferred compensation Other liabilities 3.1 3.1 — 2.9 2.9 — Total $ 3.1 $ 3.1 $ — $ 3.3 $ 2.9 $ 0.4 The Company uses the end of period when determining the timing of transfers between levels. During the Successor and Predecessor Periods, there were no transfers between levels. The carrying amount of the Company's Revolving Credit Facility approximates fair value. The remaining debt had a carrying value of $1,065.9 and fair value of $1,098.9 at June 30, 2024, and a carrying value of $1,253.9 and fair value of $1,285.5 at December 31, 2023. Refer to Note 11 for further details surrounding the Company's debt as of June 30, 2024 compared to December 31, 2023. |
Commitments and Contingencies
Commitments and Contingencies | 6 Months Ended |
Jun. 30, 2024 | |
Commitments and Contingencies Disclosure [Abstract] | |
Commitments and Contingencies | Commitments and Contingencies Indirect Tax Contingencies The Company accrues for indirect tax matters when management believes that a loss is probable and the amounts can be reasonably estimated, while contingent gains are recognized only when realized. In the event any losses are sustained in excess of accruals, they are charged against income. In evaluating indirect tax matters, management takes into consideration factors such as historical experience with matters of similar nature, specific facts and circumstances and the likelihood of prevailing. Management evaluates and updates accruals as matters progress over time. It is reasonably possible that some of the matters for which accruals have not been established could be decided unfavorably to the Company and could require recognizing future expenditures. Also, statutes of limitations could expire without the Company paying the taxes for matters for which accruals have been established, which could result in the recognition of future gains upon reversal of accruals at that time. At June 30, 2024, the Company was a party to several routine indirect tax claims from various taxing authorities globally that were incurred in the normal course of business, which neither individually nor in the aggregate are considered material by management in relation to the Company’s financial position or results of operations. In management’s opinion, the condensed consolidated financial statements would not be materially affected by the outcome of these indirect tax claims and/or proceedings or asserted claims. A loss contingency is reasonably possible if it has a more than remote but less than probable chance of occurring. Although management believes the Company has valid defenses with respect to its indirect tax positions, it is reasonably possible that a loss could occur in excess of the estimated liabilities. The Company estimated the aggregate risk at June 30, 2024 to be up to $80.1 for its material indirect tax matters. The aggregate risk related to indirect taxes is adjusted as the applicable statutes of limitations expire. Legal Contingencies At June 30, 2024, the Company was a party to several lawsuits that were incurred in the normal course of business, which neither individually nor in the aggregate were considered material by management in relation to the Company’s financial position or results of operations. In management’s opinion, the Company's condensed consolidated financial statements would not be materially affected by the outcome of these legal proceedings or asserted claims. In addition to these normal course of business litigation matters, the Company continues to be a party to the proceedings that began in the Predecessor Period described below: Diebold Nixdorf Holding Germany GmbH, formerly Diebold Nixdorf Holding Germany Inc. & Co. KGaA (Diebold KGaA), is a party to two separate appraisal proceedings (Spruchverfahren) in connection with the purchase of all shares in its former listed subsidiary, Diebold Nixdorf AG. The first appraisal proceeding, which relates to the Domination and Profit Loss Transfer Agreement (DPLTA) entered into by Diebold KGaA and former Diebold Nixdorf AG, which became effective on February 17, 2017, is pending at the Higher Regional Court (Oberlandesgericht) of Düsseldorf (Germany) as the court of appeal. The DPLTA appraisal proceeding was filed by minority shareholders of Diebold Nixdorf AG challenging the adequacy of both the cash exit compensation of €55.02 per Diebold Nixdorf AG share (of which 6.9 million shares were then outstanding) and the annual recurring compensation of €2.82 per Diebold Nixdorf AG share offered in connection with the DPLTA. The second appraisal proceeding relates to the cash merger squeeze-out of minority shareholders of Diebold Nixdorf AG in 2019 and is currently pending at the same Chamber for Commercial Matters (Kammer für Handelssachen) at the District Court (Landgericht) of Dortmund (Germany) that was originally competent for the DPLTA appraisal proceedings. The squeeze-out appraisal proceeding was filed by former minority shareholders of Diebold Nixdorf AG challenging the adequacy of the cash exit compensation of €54.80 per Diebold Nixdorf AG share (of which 1.4 million shares were then outstanding) in connection with the merger squeeze-out. In both appraisal proceedings, a court ruling would apply to all Diebold Nixdorf AG shares outstanding at the time when the DPLTA or the merger squeeze-out, respectively, became effective. Any cash compensation received by former Diebold Nixdorf AG shareholders in connection with the merger squeeze-out would be netted with any higher cash compensation such shareholder may still claim in connection with the DPLTA appraisal proceeding. The District Court of Dortmund dismissed in 2022 all claims to increase the cash compensation and the annual recurring compensation in the DPLTA appraisal proceeding and rejected in 2023 all claims to increase the cash compensation in the merger squeeze-out appraisal proceeding. These first instance decisions, however, are not final as some of the respective plaintiffs filed appeals in both, the DPLTA appraisal proceeding and the squeeze-out appraisal proceeding. The Company believes that the compensation offered in connection with the DPLTA and the merger squeeze-out was in both cases fair and that the decisions of the District Court of Dortmund in the DPLTA and merger squeeze-out appraisal proceedings validate its position. German courts often adjudicate increases of the cash compensation to plaintiffs in varying amounts in connection with German appraisal proceedings. Therefore, the Company cannot rule out that a court may increase the cash compensation in these appraisal proceedings. The Company, however, is convinced that its defense in both appraisal proceedings is supported by strong sets of facts and the Company will continue to vigorously defend itself in these matters. Related legal fees are expensed as incurred. Bank Guarantees, Standby Letters of Credit, and Surety Bonds In the ordinary course of business, the Company may issue performance guarantees on behalf of its subsidiaries to certain customers and other parties. Some of those guarantees may be backed by standby letters of credit, surety bonds, or similar instruments. In general, under the guarantees, the Company would be obligated to perform, or cause performance, over the term of the underlying contract in the event of an unexcused, uncured breach by its subsidiary, or some other specified triggering event, in each case as defined by the applicable guarantee. At June 30, 2024, the maximum future contractual obligations relative to these various guarantees totaled $94.6, of which $23.0 represented standby letters of credit to insurance providers, and no associated liability was recorded. At December 31, 2023, the maximum future payment obligations relative to these various guarantees totaled $117.1, of which $23.0 represented standby letters of credit to insurance providers, and no associated liability was recorded. Restricted Cash The following table provides a reconciliation of Cash, cash equivalents and Short-term and Long-term restricted cash reporting within the Company's Condensed Consolidated Balance Sheets and in the Condensed Consolidated Statements of Cash Flows: Successor June 30, 2024 December 31, 2023 Cash and cash equivalents $ 276.7 $ 550.2 Professional fee escrow 0.2 0.2 Bank collateral guarantees 74.6 32.5 Pension collateral guarantees 8.6 9.4 Restricted cash and cash equivalents 83.4 42.1 Total cash, cash equivalents, and restricted cash $ 360.1 $ 592.3 The balance of restricted cash at June 30, 2024 primarily relates to requirements of the Revolving Credit Agreement. |
Revenue Recognition
Revenue Recognition | 6 Months Ended |
Jun. 30, 2024 | |
Revenue from Contract with Customer [Abstract] | |
Revenue Recognition | Revenue Recognition A performance obligation is a contractual promise to transfer a distinct good or service to the customer. A contract's transaction price is allocated to each distinct performance obligation and is recognized as revenue when (point in time) or as (over time) the performance obligation is satisfied. The following table represents the percentage of revenue recognized either at a point in time or over time: Successor Predecessor Six months ended Six months ended Timing of revenue recognition June 30, 2024 June 30, 2023 Products transferred at a point in time 42 % 41 % Products and services transferred over time 58 % 59 % Net sales 100 % 100 % Contract balances Contract assets are the rights to consideration in exchange for goods or services that the Company has transferred to a customer when that right is conditional on something other than the passage of time. Contract assets of the Company primarily relate to the Company's rights to consideration for goods shipped and services provided but not contractually billable at the reporting date. The contract assets are reclassified into the receivables balance when the rights to receive payment become unconditional. Contract liabilities are recorded for any services billed to customers and not yet recognizable if the contract period has commenced or for the amount collected from customers in advance of the contract period commencing. In addition, contract liabilities are recorded as advanced payments for products and other deliverables that are billed to and collected from customers prior to revenue being recognizable. Contract assets are minimal for the periods presented. The following table provides information about receivables and deferred revenue, which represent contract liabilities from contracts with customers: Contract balance information Trade receivables Contract liabilities Balance at December 31, 2023 (Successor) $ 721.8 $ 376.2 Balance at June 30, 2024 (Successor) $ 650.0 $ 356.6 There have been $9.7 and $13.1 of impairment losses recognized as bad debt related to receivables or contract assets arising from the Company's contracts with customers during the six months ended June 30, 2024 (Successor) and 2023 (Predecessor), respectively. As of December 31, 2023, the Company had $376.2 of unrecognized deferred revenue constituting the remaining performance obligations that are unsatisfied (or partially unsatisfied). During the six months ended June 30, 2024, the Company recognized revenue of $212.2 related to the Company's deferred revenue balance at December 31, 2023. Transaction price allocated to the remaining performance obligations |
Finance Lease Receivables
Finance Lease Receivables | 6 Months Ended |
Jun. 30, 2024 | |
Leases [Abstract] | |
Finance Lease Receivables | Finance Lease Receivables Under certain circumstances, the Company provides financing arrangements to customers that are largely classified and accounted for as sales-type leases. The Company records interest income and any fees or costs related to financing receivables using the effective interest method over the term of the lease. The following table presents the components of finance lease receivables: Successor June 30, 2024 December 31, 2023 Gross minimum lease receivables $ 21.0 $ 24.4 Allowance for credit losses (0.1) (0.2) 20.9 24.2 Less: Unearned interest income (0.7) (0.9) Total $ 20.2 $ 23.3 Future minimum payments due from customers under finance lease receivables as of June 30, 2024 are as follows: 2024 $ 3.9 2025 6.0 2026 3.6 2027 2.6 2028 2.2 Thereafter 2.7 $ 21.0 |
Segment Information
Segment Information | 6 Months Ended |
Jun. 30, 2024 | |
Segment Reporting [Abstract] | |
Segment Information | Segment Information The Company's reportable operating segments are as follows: Banking and Retail. Segment operating profit as disclosed herein is consistent with the segment profit or loss measure used by the CODM and does not include corporate charges, amortization of acquired intangible assets, amortization of intangible assets recorded with fresh start accounting, asset impairment, restructuring and transformation charges, the results of the held-for-sale European retail business, or other non-routine, unusual or infrequently occurring items, as the CODM does not regularly review and use such financial measures to make decisions, allocate resources and assess performance. Segment revenue represents revenues from sales to external customers. Segment operating profit is defined as revenues less expenses directly attributable to the segments. The Company does not allocate to its segments certain operating expenses which are managed at the headquarters level; that are not used in the management of the segments, not segment-specific, and impractical to allocate. Segment operating profit reconciles to consolidated Profit (loss) before taxes by deducting items that are not attributed to the segments and which are managed independently of segment results. Assets are not allocated to segments, and thus are not included in the assessment of segment performance, and consequently, we do not disclose total assets and depreciation and amortization expense by reportable operating segment. The following tables present information regarding the Company’s segment performance and provide a reconciliation between segment operating profit and the consolidated Profit (loss) before taxes: Successor Predecessor Three months ended Three months ended June 30, 2024 June 30, 2023 Net sales summary by segment Banking $ 707.4 $ 664.9 Retail 232.3 252.4 Held for sale non-core business (7) — 4.9 Total revenue $ 939.7 $ 922.2 Segment operating profit Banking $ 134.6 $ 102.4 Retail 34.7 32.1 Total segment operating profit $ 169.3 $ 134.5 Corporate charges not allocated to segments (1) $ (66.5) $ (64.6) Impairment of assets (2) — (1.8) Amortization of fair value assets (3) (17.7) (18.0) Restructuring and transformation expenses (4) (10.6) (18.6) Refinancing related costs (5) (5.0) (30.5) Net non-routine income (expense) (6) 1.2 (2.0) Held for sale non-core business (7) — (2.9) (98.6) (138.4) Operating profit (loss) 70.7 (3.9) Other income (expense) (25.4) (697.6) Profit (loss) before taxes $ 45.3 $ (701.5) (1) Corporate charges not allocated to segments include headquarter-based costs associated primarily with human resources, finance, IT and legal that are not directly attributable to a particular segment and are separately assessed by the CODM for purposes of making decisions, assessing performance and allocating resources. (2) Impairment of $(1.8) in the second quarter of 2023 relates to leased European facilities closures. (3) The amortization of purchase accounting intangible assets and the depreciation and amortization of assets resulting from Fresh Start accounting are excluded from the segment results used by the CODM to make decisions, allocate resources or assess performance. (4) Refer to Note 10 for further information regarding restructurings. Consistent with the historical reportable segment structure, restructuring and transformation costs are not assigned to the segments, and are separately analyzed by the CODM. (5) Refinancing related costs are fees earned by our advisors that have been accounted for as period expense. (6) Net non-routine expense consists of items that the Company has determined are non-routine in nature and not allocated to the reportable operating segments as they are not included in the measure used by the CODM to make decisions, allocate resources and assess performance. (7) Held for sale non-core European retail business represents the revenue and operating profit of a business that had been classified as held for sale in the Predecessor Period and sold in September 2023. Successor Predecessor Six months ended Six months ended June 30, 2024 June 30, 2023 Net sales summary by segment Banking $ 1,356.2 $ 1,257.8 Retail 478.9 512.8 Held for sale non-core European retail business (7) — 9.7 Total revenue $ 1,835.1 $ 1,780.3 Segment operating profit Banking $ 250.9 $ 182.3 Retail 70.4 71.1 Total segment operating profit $ 321.3 $ 253.4 Corporate charges not allocated to segments (1) $ (129.1) $ (133.5) Impairment of assets (2) — (2.7) Amortization of fair value assets (3) (40.8) (35.7) Restructuring and transformation expenses (4) (47.3) (33.6) Refinancing related costs (5) (11.9) (44.6) Net non-routine income (expense) (6) 2.3 (2.7) Held for sale non-core European retail business (7) — (6.6) (226.8) (259.4) Operating profit (loss) 94.5 (6.0) Other income (expense) (63.4) (785.8) Profit (loss) before taxes $ 31.1 $ (791.8) (1) Corporate charges not allocated to segments include headquarter-based costs associated primarily with human resources, finance, IT and legal that are not directly attributable to a particular segment and are separately assessed by the CODM for purposes of making decisions, assessing performance and allocating resources. (2) Impairment of $(2.7) in the six months ended June 30, 2023 relates to leased European facilities closures. (3) The amortization of purchase accounting intangible assets and the depreciation and amortization of assets resulting from Fresh Start accounting are excluded from the segment results used by the CODM to make decisions, allocate resources or assess performance. (4) Refer to Note 10 for further information regarding restructurings. Consistent with the historical reportable segment structure, restructuring and transformation costs are not assigned to the segments, and are separately analyzed by the CODM. (5) Refinancing related costs are fees earned by our advisors that have been accounted for as period expense. (6) Net non-routine expense consists of items that the Company has determined are non-routine in nature and not allocated to the reportable operating segments as they are not included in the measure used by the CODM to make decisions, allocate resources and assess performance. (7) Held for sale non-core European retail business represents the revenue and operating profit of a business that had been classified as held for sale in the Predecessor Period and sold in September 2023. The following table presents information regarding the Company’s segment net sales by service and product solution: Successor Predecessor Three months ended Three months ended June 30, 2024 June 30, 2023 Segments Banking Services $ 401.5 $ 400.2 Products 305.9 264.7 Total Banking 707.4 664.9 Retail Services 139.2 135.3 Products 93.1 117.1 Total Retail 232.3 252.4 Held for sale non-core European retail business Services — 2.5 Products — 2.4 Total revenue $ 939.7 $ 922.2 Successor Predecessor Six months ended Six months ended June 30, 2024 June 30, 2023 Segments Banking Services $ 788.1 $ 781.3 Products 568.1 476.5 Total Banking 1,356.2 1,257.8 Retail Services 277.4 268.5 Products 201.5 244.3 Total Retail 478.9 512.8 Held for sale non-core European retail business Services — 4.6 Products — 5.1 Total revenue $ 1,835.1 $ 1,780.3 |
Cloud Implementation
Cloud Implementation | 6 Months Ended |
Jun. 30, 2024 | |
Research and Development [Abstract] | |
Cloud Implementation | Cloud Implementation At June 30, 2024, the Company had a net book value of capitalized cloud implementation costs of $18.8, which relates to a combination of the distribution subsidiary ERP and corporate tools to support business operations. |
Pay vs Performance Disclosure
Pay vs Performance Disclosure - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Pay vs Performance Disclosure | ||||
Net Income (Loss) | $ 14.9 | $ (677.1) | $ 0.3 | $ (788.2) |
Insider Trading Arrangements
Insider Trading Arrangements | 3 Months Ended |
Jun. 30, 2024 | |
Trading Arrangements, by Individual | |
Rule 10b5-1 Arrangement Adopted | false |
Non-Rule 10b5-1 Arrangement Adopted | false |
Rule 10b5-1 Arrangement Terminated | false |
Non-Rule 10b5-1 Arrangement Terminated | false |
Basis of Presentation (Policies
Basis of Presentation (Policies) | 6 Months Ended |
Jun. 30, 2024 | |
Organization, Consolidation and Presentation of Financial Statements [Abstract] | |
Principles of Consolidation | Principles of Consolidation We consolidate all wholly owned subsidiaries and controlled joint ventures. All material intercompany accounts and transactions have been eliminated in consolidation. |
Recently Issued Accounting Guidance | Recently Issued Accounting Guidance The Company considers the applicability and impact of all Accounting Standards Updates (ASUs) issued by the FASB. In March 2020, the FASB issued guidance that provides optional expedients and exceptions for applying generally accepted accounting principles to contracts, hedging relationships, and other transactions affected by the transition away from reference rates expected to be discontinued to alternative reference rates. The guidance was effective upon issuance and may be applied prospectively to contract modifications made and hedging relationships entered into on or before December 31, 2024. The standard does not materially impact the Company's consolidated financial statements. In November 2023, the FASB issued ASU 2023-07 - Segment Reporting (Topic 280): Improvements to Reportable Segment Disclosures. The amendments of ASU 2023-07 improve segment reporting disclosures, including significant segment expenses. The Company is currently evaluating the impact of this guidance on the Company’s condensed consolidated financial statements. In December 2023, the FASB issued ASU 2023-09 - Income Taxes (Topic 740): Improvements to Income Tax Disclosures. The amendments for ASU 2023-09 enhance income tax disclosures by including additional disclosures related to rate reconciliation and information regarding income taxes paid. The Company is currently evaluating the impact of this guidance on the Company’s condensed consolidated financial statements. Although there are other new accounting pronouncements issued by the FASB, the Company does not believe these pronouncements will have a material impact on its consolidated financial statements. |
Earnings (Loss) Per Share (Tabl
Earnings (Loss) Per Share (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Earnings Per Share [Abstract] | |
Schedule of Computing Loss Per Share and the Effect on the Weighted-average Number of Shares of Potential Dilutive Common Stock | The following table represents amounts used in computing earnings (loss) per share and the effect on the weighted-average number of shares of potential dilutive common stock: Successor Predecessor Three months ended Three months ended June 30, 2024 June 30, 2023 Numerator Earnings (loss) used in basic and diluted loss per share Net income (loss) $ 14.8 $ (677.3) Net income (loss) attributable to noncontrolling interests (0.1) (0.2) Net income (loss) attributable to Diebold Nixdorf, Incorporated $ 14.9 $ (677.1) Denominator Weighted-average number of shares of common stock used in basic earnings (loss) per share (1) 37.6 80.0 Effect of dilutive shares (1) 0.1 — Weighted-average number of shares used in diluted earnings (loss) per share 37.7 80.0 Net income (loss) attributable to Diebold Nixdorf, Incorporated Basic earnings (loss) per share $ 0.40 $ (8.46) Diluted earnings (loss) per share $ 0.40 $ (8.46) Anti-dilutive shares Anti-dilutive shares not used in calculating diluted weighted-average shares 1.0 1.8 (1) 1.7 shares for the three months ended June 30, 2023 (Predecessor) are excluded from the computation of diluted loss per share because the effects are anti-dilutive, due to the net loss position. Successor Predecessor Six months ended Six months ended June 30, 2024 June 30, 2023 Numerator Earnings (loss) used in basic and diluted loss per share Net income (loss) $ 0.8 $ (788.8) Net income (loss) attributable to noncontrolling interests 0.5 (0.6) Net income (loss) attributable to Diebold Nixdorf, Incorporated $ 0.3 $ (788.2) Denominator Weighted-average number of shares of common stock used in basic earnings (loss) per share (1) 37.6 79.7 Effect of dilutive shares (1) — — Weighted-average number of shares used in diluted earnings (loss) per share 37.6 79.7 Net income (loss) attributable to Diebold Nixdorf, Incorporated Basic earnings (loss) per share $ 0.01 $ (9.89) Diluted earnings (loss) per share $ 0.01 $ (9.89) Anti-dilutive shares Anti-dilutive shares not used in calculating diluted weighted-average shares 1.2 2.0 (1) 1.9 shares for the six months ended June 30, 2023 (Predecessor) are excluded from the computation of diluted loss per share because the effects are anti-dilutive, due to the net loss position. |
Income Taxes (Tables)
Income Taxes (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Income Tax Disclosure [Abstract] | |
Schedule of Components of Income Tax Expense (Benefit) | Successor Predecessor Three months ended Three months ended June 30, 2024 June 30, 2023 Income Tax Expense/(Benefit) $ 32.0 $ (24.8) Effective Tax Rate 70.6 % 3.5 % Successor Predecessor Six months ended Six months ended June 30, 2024 June 30, 2023 Income Tax Expense/(Benefit) $ 28.9 $ (3.7) Effective Tax Rate 92.9 % 0.5 % |
Inventories (Tables)
Inventories (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Inventory Disclosure [Abstract] | |
Schedule of Major Classes of Inventories | Major classes of inventories are summarized as follows: Successor June 30, 2024 December 31, 2023 Raw materials and work in process $ 204.7 $ 174.0 Finished goods 256.8 242.0 Total product inventories 461.5 416.0 Service parts 171.2 173.8 Total inventories $ 632.7 $ 589.8 |
Investments (Tables)
Investments (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Investments, Debt and Equity Securities [Abstract] | |
Schedule of Investments | The Company’s investments subject to fair value measurement consist of the following: Cost Basis Unrealized Fair Value As of June 30, 2024 (Successor) Short-term investments Certificates of deposit $ 8.7 $ — $ 8.7 Long-term investments Assets held in a rabbi trust $ 2.2 $ 0.9 $ 3.1 As of December 31, 2023 (Successor) Short-term investments Certificates of deposit $ 13.4 $ — $ 13.4 Long-term investments Assets held in a rabbi trust $ 2.3 $ 0.6 $ 2.9 |
Goodwill and Other Intangible_2
Goodwill and Other Intangible Assets (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Goodwill and Intangible Assets Disclosure [Abstract] | |
Schedule of Goodwill | The changes in the carrying amount of goodwill for the six months ended June 30, 2024 (Successor): Banking Retail Total Goodwill, balance at January 1, 2024 (Successor) $ 471.4 $ 145.3 $ 616.7 Currency translation adjustment (10.9) (3.4) (14.3) Goodwill, balance at June 30, 2024 (Successor) $ 460.5 $ 141.9 $ 602.4 |
Schedule of Intangible Assets | The following summarizes information on Intangible assets by major category: Successor June 30, 2024 December 31, 2023 Weighted-average remaining useful lives Gross Accumulated Net Gross Accumulated Net Customer relationships 16.5 years $ 538.9 $ (27.4) $ 511.5 $ 555.5 $ (12.5) $ 543.0 Trademarks and trade names 17.1 years 116.6 (5.8) 110.8 118.8 (2.6) 116.2 Capitalized software development 2.0 years 30.4 (1.9) 28.5 22.0 (1.1) 20.9 Technology know-how and development costs non-software 5.1 years 189.6 (28.0) 161.6 193.3 (12.5) 180.8 Other intangibles 0.6 years 43.6 (23.2) 20.4 40.6 (10.2) 30.4 Other intangible assets, net 380.2 (58.9) 321.3 374.7 (26.4) 348.3 Total $ 919.1 $ (86.3) $ 832.8 $ 930.2 $ (38.9) $ 891.3 |
Schedule of Capitalized Software Development | The following table identifies the activity relating to total capitalized software development: 2024 Beginning balance as of January 1 (Successor) $ 20.9 Capitalization 9.0 Amortization (1.0) Other (0.4) Ending balance as of June 30 (Successor) 28.5 2023 Beginning balance as of January 1 (Predecessor) $ 42.5 Capitalization 10.8 Amortization (10.3) Other (4.2) Ending balance as of June 30 (Predecessor) $ 38.8 |
Product Warranties (Tables)
Product Warranties (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Guarantees and Product Warranties [Abstract] | |
Schedule of Changes in Warranty Liability Balance | Changes in the Company’s warranty liability balance are illustrated in the following table: Successor Predecessor 2024 2023 Beginning balance as of January 1 $ 28.0 $ 28.3 Current period accruals 19.6 15.4 Current period settlements (22.5) (18.1) Currency translation adjustment (1.7) 0.9 Ending balance as of June 30 $ 23.4 $ 26.5 |
Restructuring (Tables)
Restructuring (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Restructuring and Related Activities [Abstract] | |
Schedule of Restructuring and Related Costs | The following tables summarizes the impact of the Company’s restructuring and transformation charges on the consolidated statements of operations: Successor Predecessor Three months ended Three months ended June 30, 2024 June 30, 2023 Cost of sales – services $ (0.3) $ 3.6 Cost of sales – products 1.1 0.3 Selling and administrative expense 10.3 13.4 Research, development and engineering expense (0.5) 0.5 Loss on sale of assets, net — 0.8 Total $ 10.6 $ 18.6 Successor Predecessor Six months ended Six months ended June 30, 2024 June 30, 2023 Cost of sales – services $ 16.0 $ 4.2 Cost of sales – products 1.8 0.6 Selling and administrative expense 27.0 26.4 Research, development and engineering expense 2.5 1.1 Loss on sale of assets, net — 1.3 Total $ 47.3 $ 33.6 |
Schedule of Restructuring Accrual Balances and Related Activity | The following table summarizes the Company’s severance accrual balance and related activity: 2024 Beginning balance as of January 1 (Successor) $ 10.3 Severance accrual 22.8 Payout/Settlement (16.4) Other (0.3) Ending balance as of June 30 (Successor) $ 16.4 2023 Beginning balance as of January 1 (Predecessor) $ 44.2 Severance accrual 6.4 Payout/Settlement (36.3) Other 0.3 Ending balance as of June 30 (Predecessor) $ 14.6 |
Debt (Tables)
Debt (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Debt Disclosure [Abstract] | |
Schedule of Outstanding Debt Balances | Outstanding debt balances were as follows: Successor June 30, 2024 December 31, 2023 Notes payable – current Other $ 0.5 $ 0.3 $ 0.5 $ 0.3 Long-term debt Exit Facility $ 1,050.0 $ 1,250.0 Revolving Facility 39.3 — Other 15.4 3.6 $ 1,104.7 $ 1,253.6 Long-term deferred financing fees (4.9) (1.2) $ 1,099.8 $ 1,252.4 |
Schedule of Cash Flows Related to Debt Borrowings and Repayments | The cash flows related to debt borrowings and repayments were as follows: Successor Predecessor Six months ended Six months ended June 30, 2024 June 30, 2023 Revolving credit facility borrowings $ 200.0 $ — Revolving credit facility repayments $ (160.7) $ — Other debt borrowings FILO $ — $ 58.9 Proceeds from DIP Facility — 1,250.0 International short-term uncommitted lines of credit borrowings 0.3 2.1 $ 0.3 $ 1,311.0 Other debt repayments Payments on Exit Financing $ (200.0) $ — Payments on Term Loan B Facility - USD under the Credit Agreement — (1.3) Payments on Term Loan B Facility - Euro under the Credit Agreement — (0.3) Repayment of ABL, net — (188.3) Repayment of FILO — (58.9) Repayment of 2025 Superpriority Term Loans — (400.6) International short-term uncommitted lines of credit and other repayments (0.2) (0.5) $ (200.2) $ (649.9) |
Schedule of Financing Facilities | Below is a summary of financing information: Financing Facilities Interest Rate Maturity/Termination Dates Initial Term (Years) Exit Facility (i) SOFR + 7.50% August 2028 5.0 Revolving Credit Facility - Term Benchmark Advances (ii) SOFR + 4.00% February 2027 3.0 (i) SOFR with a floor of 4.0 percent (ii) SOFR with a floor of 1.5 percent |
Equity (Tables)
Equity (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Equity [Abstract] | |
Schedule of Changes in Shareholders' Equity Attributable to Diebold Nixdorf, Incorporated and the Noncontrolling Interests | The following tables present changes in shareholders' equity attributable to Diebold Nixdorf, Incorporated and the noncontrolling interests: Accumulated Other Comprehensive Income (Loss) Total Diebold Nixdorf, Incorporated Shareholders' Equity Common Shares Additional Retained Earnings Treasury Equity Warrants Non-controlling Total Balance, December 31, 2023 (Successor) $ 0.4 $ 1,038.7 $ 17.1 $ — $ 7.6 $ — $ 1,063.8 $ 15.4 $ 1,079.2 Net loss — — (14.6) — — — (14.6) 0.6 (14.0) Other comprehensive loss — — — — (38.0) — (38.0) — (38.0) Share-based compensation expense — 1.9 — — — — 1.9 — 1.9 Distribution to noncontrolling interest holders, net — — — — — — — (3.4) (3.4) Balance, March 31, 2024 (Successor) $ 0.4 $ 1,040.6 $ 2.5 $ — $ (30.4) $ — $ 1,013.1 $ 12.6 $ 1,025.7 Net income — — 14.9 — — — 14.9 (0.1) 14.8 Other comprehensive loss — — — — (33.9) — (33.9) (0.2) (34.1) Share-based compensation expense — 2.6 — — — — 2.6 — 2.6 Balance, June 30, 2024 (Successor) $ 0.4 $ 1,043.2 $ 17.4 $ — $ (64.3) $ — $ 996.7 $ 12.3 $ 1,009.0 Accumulated Other Comprehensive Income (Loss) Total Diebold Nixdorf, Incorporated Shareholders' Equity Common Shares Additional Accumulated Deficit Treasury Equity Warrants Non-controlling Total Balance, December 31, 2022 (Predecessor) $ 119.8 $ 831.5 $ (1,406.7) $ (585.6) $ (360.0) $ 20.1 $ (1,380.9) $ 9.8 $ (1,371.1) Net loss — — (111.1) — — — (111.1) (0.4) (111.5) Other comprehensive income — — — — 6.3 — 6.3 2.2 8.5 Share-based compensation issued 1.0 (1.0) — — — — — — — Share-based compensation expense — 1.3 — — — — 1.3 — 1.3 Treasury shares — — — (0.8) — — (0.8) — (0.8) Balance, March 31, 2023 (Predecessor) $ 120.8 $ 831.8 $ (1,517.8) $ (586.4) $ (353.7) $ 20.1 $ (1,485.2) $ 11.6 $ (1,473.6) Net loss — — (677.1) — — — (677.1) (0.2) (677.3) Other comprehensive loss — — — — 26.2 — 26.2 (6.6) 19.6 Share-based compensation issued 0.4 (0.5) — — — — (0.1) — (0.1) Share-based compensation expense — 0.8 — — — — 0.8 — 0.8 Balance, June 30, 2023 (Predecessor) $ 121.2 $ 832.1 $ (2,194.9) $ (586.4) $ (327.5) $ 20.1 $ (2,135.4) $ 4.8 $ (2,130.6) |
Accumulated Other Comprehensi_2
Accumulated Other Comprehensive Income (Loss) (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Accumulated Other Comprehensive Income (Loss), Net of Tax [Abstract] | |
Schedule of Accumulated Other Comprehensive Income (Loss) | The following table summarizes the changes in the Company’s accumulated other comprehensive income (loss) (AOCI), net of tax, by component for 2024: Translation Foreign Currency Hedges Interest Rate Hedges Pension and Other Post-retirement Benefits Other Accumulated Other Comprehensive Income (Loss) Balance at January 1, 2024 (Successor) $ 14.2 $ (0.1) $ — $ (6.1) $ (0.4) $ 7.6 Other comprehensive income (loss) before reclassifications (1) (43.0) — — — — (43.0) Amounts reclassified from AOCI — — — 5.0 — 5.0 Net current-period other comprehensive income (loss) (43.0) — — 5.0 — (38.0) Balance at March 31, 2024 (Successor) $ (28.8) $ (0.1) $ — $ (1.1) $ (0.4) $ (30.4) Other comprehensive income (loss) before reclassifications (2) (35.2) (0.3) (0.3) — — (35.8) Amounts reclassified from AOCI — — — 1.9 — 1.9 Net current-period other comprehensive income (loss) (35.2) (0.3) (0.3) 1.9 — (33.9) Balance at June 30, 2024 (Successor) $ (64.0) $ (0.4) $ (0.3) $ 0.8 $ (0.4) $ (64.3) (1) Other comprehensive income (loss) before reclassifications within the translation component excludes a nominal translation amount attributable to noncontrolling interests. (2) Other comprehensive income (loss) before reclassifications within the translation component excludes a $0.2 translation amount attributable to noncontrolling interests. . The following table summarizes the changes in the Company’s AOCI, net of tax, by component for 2023: Translation Foreign Currency Hedges Interest Rate Hedges Pension and Other Post-retirement Benefits Other Accumulated Other Comprehensive Income (Loss) Balance at January 1, 2023 (Predecessor) $ (352.1) $ (1.9) $ 5.3 $ (12.6) $ 1.3 $ (360.0) Other comprehensive income (loss) before reclassifications (1) 4.7 — 0.3 — — 5.0 Amounts reclassified from AOCI — — — 1.3 — 1.3 Net current-period other comprehensive income (loss) 4.7 — 0.3 1.3 — 6.3 Balance at March 31, 2023 (Predecessor) $ (347.4) $ (1.9) $ 5.6 $ (11.3) $ 1.3 $ (353.7) Other comprehensive income (loss) before reclassifications (2) 25.2 — 0.2 — — 25.4 Amounts reclassified from AOCI — — — 0.8 — 0.8 Net current-period other comprehensive income (loss) 25.2 — 0.2 0.8 — 26.2 Balance at June 30, 2023 (Predecessor) $ (322.2) $ (1.9) $ 5.8 $ (10.5) $ 1.3 $ (327.5) (1) Other comprehensive income (loss) before reclassifications within the translation component excludes $(2.2) of translation attributable to noncontrolling interests. : (2) Other comprehensive income (loss) before reclassifications within the translation component excludes $6.6 of translation attributable to noncontrolling interests. : |
Schedule of Reclassification out of Accumulated Other Comprehensive Income | The following table summarizes the details about the amounts reclassified from AOCI: Successor Predecessor Affected Line Item on the Statement of Operations Three months ended Three months ended June 30, 2024 June 30, 2023 Pension and post-retirement benefits: Net actuarial gain (loss) amortized (net of tax of $— in the Successor Period and $(0.2) in the Predecessor Period, respectively) $ 1.9 $ 0.8 Miscellaneous, net Successor Predecessor Affected Line Item on the Statement of Operations Six months ended Six months ended June 30, 2024 June 30, 2023 Pension and post-retirement benefits: Net actuarial gain (loss) amortized (net of tax of $(2.1) in the Successor Period and $(0.7) in the Predecessor Period, respectively) $ 6.9 $ 2.1 Miscellaneous, net |
Benefit Plans (Tables)
Benefit Plans (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Retirement Benefits [Abstract] | |
Schedule of Components of Net Periodic Benefit Cost | The following tables set forth the net periodic benefit cost for the Company’s U.S. defined benefit pension plans: Successor Predecessor Three months ended Three months ended June 30, 2024 June 30, 2023 Components of net periodic benefit cost Interest cost $ 4.9 $ 4.8 Expected return on plan assets (4.6) (4.5) Recognized net actuarial loss — 0.2 Net periodic pension benefit cost $ 0.3 $ 0.5 Successor Predecessor Six months ended Six months ended June 30, 2024 June 30, 2023 Components of net periodic benefit cost Interest cost $ 9.7 $ 9.7 Expected return on plan assets (9.2) (9.0) Recognized net actuarial loss — 0.4 Net periodic pension benefit cost $ 0.5 $ 1.1 The following tables set forth the net periodic benefit cost for the Company’s Non-U.S. defined benefit pension plans: Successor Predecessor Three months ended Three months ended June 30, 2024 June 30, 2023 Components of net periodic benefit cost Service cost $ 1.6 $ 1.5 Interest cost 2.7 2.8 Expected return on plan assets (3.4) (3.3) Recognized net actuarial gain — (0.9) Amortization of prior service cost — (0.2) Net periodic pension benefit cost $ 0.9 $ (0.1) Successor Predecessor Six months ended Six months ended June 30, 2024 June 30, 2023 Components of net periodic benefit cost Service cost $ 3.4 $ 3.1 Interest cost 5.3 5.7 Expected return on plan assets (6.9) (6.7) Recognized net actuarial gain — (1.8) Amortization of prior service cost — (0.4) Net periodic pension benefit cost $ 1.8 $ (0.1) The following tables set forth the net periodic benefit cost for the Company’s other benefit plans during the period: Successor Predecessor Three months ended Three months ended June 30, 2024 June 30, 2023 Components of net periodic benefit cost Interest cost $ — $ — Recognized net actuarial gain — (0.1) Net periodic pension benefit cost $ — $ (0.1) Successor Predecessor Six months ended Six months ended June 30, 2024 June 30, 2023 Components of net periodic benefit cost Interest cost $ 0.1 $ 0.1 Recognized net actuarial gain — (0.2) Net periodic pension benefit cost $ 0.1 $ (0.1) |
Fair Value of Assets and Liab_2
Fair Value of Assets and Liabilities (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Fair Value Disclosures [Abstract] | |
Schedule of Assets and Liabilities Recorded at Fair Market Value | Assets and liabilities subject to fair value measurement by fair value level are recorded as follows: Successor June 30, 2024 December 31, 2023 Fair Value Measurements Using Fair Value Measurements Using Classification on condensed consolidated Balance Sheets Fair Value Level 1 Level 2 Fair Value Level 1 Level 2 Assets Certificates of deposit Short-term investments $ 8.7 $ 8.7 $ — $ 13.4 $ 13.4 $ — Assets held in rabbi trusts Securities and other investments 3.1 3.1 — 2.9 2.9 — Total $ 11.8 $ 11.8 $ — $ 16.3 $ 16.3 $ — Liabilities Foreign exchange forward contracts Other current liabilities $ — $ — $ — $ 0.4 $ — $ 0.4 Deferred compensation Other liabilities 3.1 3.1 — 2.9 2.9 — Total $ 3.1 $ 3.1 $ — $ 3.3 $ 2.9 $ 0.4 |
Commitments and Contingencies (
Commitments and Contingencies (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Commitments and Contingencies Disclosure [Abstract] | |
Schedule of Cash and Cash Equivalents | The following table provides a reconciliation of Cash, cash equivalents and Short-term and Long-term restricted cash reporting within the Company's Condensed Consolidated Balance Sheets and in the Condensed Consolidated Statements of Cash Flows: Successor June 30, 2024 December 31, 2023 Cash and cash equivalents $ 276.7 $ 550.2 Professional fee escrow 0.2 0.2 Bank collateral guarantees 74.6 32.5 Pension collateral guarantees 8.6 9.4 Restricted cash and cash equivalents 83.4 42.1 Total cash, cash equivalents, and restricted cash $ 360.1 $ 592.3 |
Revenue Recognition (Tables)
Revenue Recognition (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Revenue from Contract with Customer [Abstract] | |
Schedule of Disaggregation of Revenue | The following table represents the percentage of revenue recognized either at a point in time or over time: Successor Predecessor Six months ended Six months ended Timing of revenue recognition June 30, 2024 June 30, 2023 Products transferred at a point in time 42 % 41 % Products and services transferred over time 58 % 59 % Net sales 100 % 100 % |
Schedule of Receivables and Deferred Revenue from Contracts with Customers | The following table provides information about receivables and deferred revenue, which represent contract liabilities from contracts with customers: Contract balance information Trade receivables Contract liabilities Balance at December 31, 2023 (Successor) $ 721.8 $ 376.2 Balance at June 30, 2024 (Successor) $ 650.0 $ 356.6 |
Finance Lease Receivables (Tabl
Finance Lease Receivables (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Leases [Abstract] | |
Schedule of Components for Finance Lease Receivables | The following table presents the components of finance lease receivables: Successor June 30, 2024 December 31, 2023 Gross minimum lease receivables $ 21.0 $ 24.4 Allowance for credit losses (0.1) (0.2) 20.9 24.2 Less: Unearned interest income (0.7) (0.9) Total $ 20.2 $ 23.3 |
Schedule of Financing Receivables, Minimum Payments | Future minimum payments due from customers under finance lease receivables as of June 30, 2024 are as follows: 2024 $ 3.9 2025 6.0 2026 3.6 2027 2.6 2028 2.2 Thereafter 2.7 $ 21.0 |
Segment Information (Tables)
Segment Information (Tables) | 6 Months Ended |
Jun. 30, 2024 | |
Segment Reporting [Abstract] | |
Schedule of Segment Information | The following tables present information regarding the Company’s segment performance and provide a reconciliation between segment operating profit and the consolidated Profit (loss) before taxes: Successor Predecessor Three months ended Three months ended June 30, 2024 June 30, 2023 Net sales summary by segment Banking $ 707.4 $ 664.9 Retail 232.3 252.4 Held for sale non-core business (7) — 4.9 Total revenue $ 939.7 $ 922.2 Segment operating profit Banking $ 134.6 $ 102.4 Retail 34.7 32.1 Total segment operating profit $ 169.3 $ 134.5 Corporate charges not allocated to segments (1) $ (66.5) $ (64.6) Impairment of assets (2) — (1.8) Amortization of fair value assets (3) (17.7) (18.0) Restructuring and transformation expenses (4) (10.6) (18.6) Refinancing related costs (5) (5.0) (30.5) Net non-routine income (expense) (6) 1.2 (2.0) Held for sale non-core business (7) — (2.9) (98.6) (138.4) Operating profit (loss) 70.7 (3.9) Other income (expense) (25.4) (697.6) Profit (loss) before taxes $ 45.3 $ (701.5) (1) Corporate charges not allocated to segments include headquarter-based costs associated primarily with human resources, finance, IT and legal that are not directly attributable to a particular segment and are separately assessed by the CODM for purposes of making decisions, assessing performance and allocating resources. (2) Impairment of $(1.8) in the second quarter of 2023 relates to leased European facilities closures. (3) The amortization of purchase accounting intangible assets and the depreciation and amortization of assets resulting from Fresh Start accounting are excluded from the segment results used by the CODM to make decisions, allocate resources or assess performance. (4) Refer to Note 10 for further information regarding restructurings. Consistent with the historical reportable segment structure, restructuring and transformation costs are not assigned to the segments, and are separately analyzed by the CODM. (5) Refinancing related costs are fees earned by our advisors that have been accounted for as period expense. (6) Net non-routine expense consists of items that the Company has determined are non-routine in nature and not allocated to the reportable operating segments as they are not included in the measure used by the CODM to make decisions, allocate resources and assess performance. (7) Held for sale non-core European retail business represents the revenue and operating profit of a business that had been classified as held for sale in the Predecessor Period and sold in September 2023. Successor Predecessor Six months ended Six months ended June 30, 2024 June 30, 2023 Net sales summary by segment Banking $ 1,356.2 $ 1,257.8 Retail 478.9 512.8 Held for sale non-core European retail business (7) — 9.7 Total revenue $ 1,835.1 $ 1,780.3 Segment operating profit Banking $ 250.9 $ 182.3 Retail 70.4 71.1 Total segment operating profit $ 321.3 $ 253.4 Corporate charges not allocated to segments (1) $ (129.1) $ (133.5) Impairment of assets (2) — (2.7) Amortization of fair value assets (3) (40.8) (35.7) Restructuring and transformation expenses (4) (47.3) (33.6) Refinancing related costs (5) (11.9) (44.6) Net non-routine income (expense) (6) 2.3 (2.7) Held for sale non-core European retail business (7) — (6.6) (226.8) (259.4) Operating profit (loss) 94.5 (6.0) Other income (expense) (63.4) (785.8) Profit (loss) before taxes $ 31.1 $ (791.8) (1) Corporate charges not allocated to segments include headquarter-based costs associated primarily with human resources, finance, IT and legal that are not directly attributable to a particular segment and are separately assessed by the CODM for purposes of making decisions, assessing performance and allocating resources. (2) Impairment of $(2.7) in the six months ended June 30, 2023 relates to leased European facilities closures. (3) The amortization of purchase accounting intangible assets and the depreciation and amortization of assets resulting from Fresh Start accounting are excluded from the segment results used by the CODM to make decisions, allocate resources or assess performance. (4) Refer to Note 10 for further information regarding restructurings. Consistent with the historical reportable segment structure, restructuring and transformation costs are not assigned to the segments, and are separately analyzed by the CODM. (5) Refinancing related costs are fees earned by our advisors that have been accounted for as period expense. (6) Net non-routine expense consists of items that the Company has determined are non-routine in nature and not allocated to the reportable operating segments as they are not included in the measure used by the CODM to make decisions, allocate resources and assess performance. (7) |
Schedule of Revenue from External Customers by Product and Service Solution | The following table presents information regarding the Company’s segment net sales by service and product solution: Successor Predecessor Three months ended Three months ended June 30, 2024 June 30, 2023 Segments Banking Services $ 401.5 $ 400.2 Products 305.9 264.7 Total Banking 707.4 664.9 Retail Services 139.2 135.3 Products 93.1 117.1 Total Retail 232.3 252.4 Held for sale non-core European retail business Services — 2.5 Products — 2.4 Total revenue $ 939.7 $ 922.2 Successor Predecessor Six months ended Six months ended June 30, 2024 June 30, 2023 Segments Banking Services $ 788.1 $ 781.3 Products 568.1 476.5 Total Banking 1,356.2 1,257.8 Retail Services 277.4 268.5 Products 201.5 244.3 Total Retail 478.9 512.8 Held for sale non-core European retail business Services — 4.6 Products — 5.1 Total revenue $ 1,835.1 $ 1,780.3 |
Earnings (Loss) Per Share (Deta
Earnings (Loss) Per Share (Details) - USD ($) $ / shares in Units, shares in Millions, $ in Millions | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2024 | Mar. 31, 2024 | Jun. 30, 2023 | Mar. 31, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Earnings (loss) used in basic and diluted loss per share | ||||||
Net income (loss) | $ 14.8 | $ (14) | $ (677.3) | $ (111.5) | $ 0.8 | $ (788.8) |
Net income (loss) attributable to noncontrolling interests | (0.1) | (0.2) | 0.5 | (0.6) | ||
Net income (loss) attributable to Diebold Nixdorf, Incorporated | $ 14.9 | $ (677.1) | $ 0.3 | $ (788.2) | ||
Denominator | ||||||
Weighted-average number of shares of common stock used in basic earnings (loss) per share (in shares) | 37.6 | 80 | 37.6 | 79.7 | ||
Effect of dilutive shares (in shares) | 0.1 | 0 | 0 | 0 | ||
Weighted-average number of shares used in diluted earnings (loss) per share (in shares) | 37.7 | 80 | 37.6 | 79.7 | ||
Net income (loss) attributable to Diebold Nixdorf, Incorporated | ||||||
Basic earnings (loss) per share (in dollars per share) | $ 0.40 | $ (8.46) | $ 0.01 | $ (9.89) | ||
Diluted earnings (loss) per share (in dollars per share) | $ 0.40 | $ (8.46) | $ 0.01 | $ (9.89) | ||
Anti-dilutive shares | ||||||
Anti-dilutive shares not used in calculating diluted weighted-average shares | 1 | 1.8 | 1.2 | 2 | ||
Incremental shares, excluded from dilutive calculation, due to resulting in operating loss (in shares) | 1.7 | 1.9 |
Income Taxes - Income Tax Expen
Income Taxes - Income Tax Expense (Benefit) (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Income Tax Disclosure [Abstract] | ||||
Income Tax Expense/(Benefit) | $ 32 | $ (24.8) | $ 28.9 | $ (3.7) |
Effective Tax Rate | 70.60% | 3.50% | 92.90% | 0.50% |
Income Taxes - Narrative (Detai
Income Taxes - Narrative (Details) | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Income Tax Disclosure [Abstract] | ||||
Effective Tax Rate | 70.60% | 3.50% | 92.90% | 0.50% |
Inventories (Details)
Inventories (Details) - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
Major classes of inventories | ||
Raw materials and work in process | $ 204.7 | $ 174 |
Finished goods | 256.8 | 242 |
Service parts | 171.2 | 173.8 |
Total inventories | 632.7 | 589.8 |
Products | ||
Major classes of inventories | ||
Total inventories | $ 461.5 | $ 416 |
Investments - Schedule of Inves
Investments - Schedule of Investments (Details) - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
Short-term investments | ||
Certificates of deposit | $ 8.7 | $ 13.4 |
Long-term investments | ||
Assets held in a rabbi trust, cost basis | 2.2 | 2.3 |
Assets held in a rabbi trust, unrealized gain | 0.9 | 0.6 |
Assets held in a rabbi trust | ||
Long-term investments | ||
Fair Value | $ 3.1 | $ 2.9 |
Investments - Narrative (Detail
Investments - Narrative (Details) - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
Related Party Transaction [Line Items] | ||
Cash surrender value of insurance contracts | $ 3.6 | $ 3.6 |
Trade receivables | 650 | 721.8 |
Accounts payable | $ 489.8 | 529 |
Inspur (Suzhou) Financial Technology Service Co Ltd | Related Party | ||
Related Party Transaction [Line Items] | ||
Strategic alliance, ownership percentage | 48.10% | |
Trade receivables | $ 11.6 | |
Accounts payable | 13 | |
Aisino-Wincor Retail And Banking Systems (Shanghai) Co.,Ltd | Related Party | ||
Related Party Transaction [Line Items] | ||
Strategic alliance, ownership percentage | 49% | |
Trade receivables | $ 27 | |
Accounts payable | $ 24.2 |
Goodwill and Other Intangible_3
Goodwill and Other Intangible Assets - Schedule of Goodwill (Details) $ in Millions | 6 Months Ended |
Jun. 30, 2024 USD ($) | |
Goodwill [Roll Forward] | |
Beginning balance | $ 616.7 |
Currency translation adjustment | (14.3) |
Ending balance | 602.4 |
Banking | |
Goodwill [Roll Forward] | |
Beginning balance | 471.4 |
Currency translation adjustment | (10.9) |
Ending balance | 460.5 |
Retail | |
Goodwill [Roll Forward] | |
Beginning balance | 145.3 |
Currency translation adjustment | (3.4) |
Ending balance | $ 141.9 |
Goodwill and Other Intangible_4
Goodwill and Other Intangible Assets - Schedule of Intangible Assets (Details) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2024 | Dec. 31, 2023 | |
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | $ 919.1 | $ 930.2 |
Accumulated Amortization | (86.3) | (38.9) |
Net Carrying Amount | $ 832.8 | 891.3 |
Customer relationships, net | ||
Finite-Lived Intangible Assets [Line Items] | ||
Weighted-average remaining useful lives | 16 years 6 months | |
Gross Carrying Amount | $ 538.9 | 555.5 |
Accumulated Amortization | (27.4) | (12.5) |
Net Carrying Amount | $ 511.5 | 543 |
Trademarks and trade names | ||
Finite-Lived Intangible Assets [Line Items] | ||
Weighted-average remaining useful lives | 17 years 1 month 6 days | |
Gross Carrying Amount | $ 116.6 | 118.8 |
Accumulated Amortization | (5.8) | (2.6) |
Net Carrying Amount | $ 110.8 | 116.2 |
Capitalized software development | ||
Finite-Lived Intangible Assets [Line Items] | ||
Weighted-average remaining useful lives | 2 years | |
Gross Carrying Amount | $ 30.4 | 22 |
Accumulated Amortization | (1.9) | (1.1) |
Net Carrying Amount | $ 28.5 | 20.9 |
Technology know-how and development costs non-software | ||
Finite-Lived Intangible Assets [Line Items] | ||
Weighted-average remaining useful lives | 5 years 1 month 6 days | |
Gross Carrying Amount | $ 189.6 | 193.3 |
Accumulated Amortization | (28) | (12.5) |
Net Carrying Amount | $ 161.6 | 180.8 |
Other intangibles | ||
Finite-Lived Intangible Assets [Line Items] | ||
Weighted-average remaining useful lives | 7 months 6 days | |
Gross Carrying Amount | $ 43.6 | 40.6 |
Accumulated Amortization | (23.2) | (10.2) |
Net Carrying Amount | 20.4 | 30.4 |
Other intangible assets, net | ||
Finite-Lived Intangible Assets [Line Items] | ||
Gross Carrying Amount | 380.2 | 374.7 |
Accumulated Amortization | (58.9) | (26.4) |
Net Carrying Amount | $ 321.3 | $ 348.3 |
Goodwill and Other Intangible_5
Goodwill and Other Intangible Assets - Narrative (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Goodwill [Line Items] | ||||
Amortization - general | $ 25.1 | $ 24.7 | $ 51.5 | $ 48 |
Minimum | Software development, external-use software | ||||
Goodwill [Line Items] | ||||
Estimated useful lives | 3 years | 3 years | ||
Maximum | Software development, external-use software | ||||
Goodwill [Line Items] | ||||
Estimated useful lives | 5 years | 5 years |
Goodwill and Other Intangible_6
Goodwill and Other Intangible Assets - Schedule of Capitalized Software Development (Details) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | |
Movement in Capitalized Computer Software, Net [Roll Forward] | ||
Beginning balance | $ 20.9 | $ 42.5 |
Capitalization | 9 | 10.8 |
Amortization | (1) | (10.3) |
Other | (0.4) | (4.2) |
Ending balance | $ 28.5 | $ 38.8 |
Product Warranties (Details)
Product Warranties (Details) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | |
Changes in warranty liability balance | ||
Beginning balance | $ 28 | $ 28.3 |
Current period accruals | 19.6 | 15.4 |
Current period settlements | (22.5) | (18.1) |
Currency translation adjustment | (1.7) | 0.9 |
Ending balance | $ 23.4 | $ 26.5 |
Restructuring - Restructuring a
Restructuring - Restructuring and Related Costs (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Schedule of restructuring and related costs | ||||
Restructuring charges | $ 10.6 | $ 18.6 | $ 47.3 | $ 33.6 |
Selling and administrative expense | ||||
Schedule of restructuring and related costs | ||||
Restructuring charges | 10.3 | 13.4 | 27 | 26.4 |
Research, development and engineering expense | ||||
Schedule of restructuring and related costs | ||||
Restructuring charges | (0.5) | 0.5 | 2.5 | 1.1 |
Loss on sale of assets, net | ||||
Schedule of restructuring and related costs | ||||
Restructuring charges | 0 | 0.8 | 0 | 1.3 |
Services | ||||
Schedule of restructuring and related costs | ||||
Restructuring charges | (0.3) | 3.6 | 16 | 4.2 |
Products | ||||
Schedule of restructuring and related costs | ||||
Restructuring charges | $ 1.1 | $ 0.3 | $ 1.8 | $ 0.6 |
Restructuring - Restructuring_2
Restructuring - Restructuring Accrual Balances and Related Activity (Details) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | |
Restructuring Reserve [Roll Forward] | ||
Beginning balance | $ 10.3 | $ 44.2 |
Severance accrual | 22.8 | 6.4 |
Payout/Settlement | (16.4) | (36.3) |
Other | (0.3) | 0.3 |
Ending balance | $ 16.4 | $ 14.6 |
Debt - Schedule of Outstanding
Debt - Schedule of Outstanding Debt Balances (Details) - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
Notes payable – current | ||
Other | $ 0.5 | $ 0.3 |
Notes payable | 0.5 | 0.3 |
Long-term debt | ||
Other | 15.4 | 3.6 |
Long-term debt excluding debt issuance costs | 1,104.7 | 1,253.6 |
Long-term deferred financing fees | (4.9) | (1.2) |
Long-term debt | 1,099.8 | 1,252.4 |
Exit Facility | ||
Long-term debt | ||
Long-term debt | 1,050 | 1,250 |
Revolving Facility | ||
Long-term debt | ||
Long-term debt | $ 39.3 | $ 0 |
Debt - DIP Facility and Exit Cr
Debt - DIP Facility and Exit Credit Agreement (Details) - USD ($) | 6 Months Ended | |||
Aug. 11, 2023 | Jun. 05, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Line of Credit Facility [Line Items] | ||||
Repayments of lines of credit | $ 0 | $ 188,300,000 | ||
Superpriority Facility | Line of Credit | ||||
Line of Credit Facility [Line Items] | ||||
Line of credit facility, maximum borrowing capacity | $ 400,000,000 | |||
Repayments of lines of credit | 492,300,000 | |||
Repayments of lines of credit, principal and interest | 401,300,000 | |||
Debt prepayment costs | 20,000,000 | |||
Repayments of lines of credit, make-whole amount | 71,000,000 | |||
Revolving Credit Facility and Letter of Credit | ABL Facility | Line of Credit | ||||
Line of Credit Facility [Line Items] | ||||
Repayments of lines of credit | 241,000,000 | |||
Revolving Facility | DIP Facility | Line of Credit | ||||
Line of Credit Facility [Line Items] | ||||
New credit agreement | 1,250,000,000 | |||
Revolving Facility | DIP Facility Term B 1 Tranche | Line of Credit | ||||
Line of Credit Facility [Line Items] | ||||
New credit agreement | 760,000,000 | |||
Revolving Facility | DIP Facility Term B 2 Tranche | Line of Credit | ||||
Line of Credit Facility [Line Items] | ||||
New credit agreement | 490,000,000 | |||
Revolving Facility | ABL Facility | Line of Credit | ||||
Line of Credit Facility [Line Items] | ||||
Repayments of lines of credit | 250,000,000 | |||
Repayments of lines of credit, principal and interest | 211,200,000 | |||
Revolving Facility | Exit Credit Agreement | Secured Debt | ||||
Line of Credit Facility [Line Items] | ||||
Line of credit facility, maximum borrowing capacity | $ 1,250,000,000 | |||
DIP Facility, Borrowings outstanding | 1,250,000,000 | |||
Amount deemed drawn | $ 1,250,000,000 | |||
Revolving Facility | Exit Credit Agreement | Secured Debt | Secured Overnight Financing Rate (SOFR) | ||||
Line of Credit Facility [Line Items] | ||||
Basis spread rate | 7.50% | |||
Revolving Facility | Exit Credit Agreement | Secured Debt | Base Rate | ||||
Line of Credit Facility [Line Items] | ||||
Basis spread rate | 6.50% | |||
Revolving Facility | Exit Credit Agreement | Secured Debt | Minimum | ||||
Line of Credit Facility [Line Items] | ||||
Line of credit facility, interest rate | 1% | |||
Revolving Facility | Exit Credit Agreement | Secured Debt | Maximum | ||||
Line of Credit Facility [Line Items] | ||||
Line of credit facility, interest rate | 5% | |||
Letter of credit | ABL Facility | Line of Credit | ||||
Line of Credit Facility [Line Items] | ||||
Repayments of lines of credit | $ 29,800,000 |
Debt - Revolving Facility (Deta
Debt - Revolving Facility (Details) - USD ($) $ in Millions | Feb. 13, 2024 | Aug. 11, 2023 |
Revolving Facility | Revolving Credit Agreement | Line of Credit | ||
Line of Credit Facility [Line Items] | ||
Line of credit facility, maximum borrowing capacity | $ 200 | |
Revolving Facility | Revolving Credit Agreement | Line of Credit | Secured Overnight Financing Rate (SOFR) | ||
Line of Credit Facility [Line Items] | ||
Basis spread rate | 4% | |
Revolving Facility | Revolving Credit Agreement | Line of Credit | Base Rate | ||
Line of Credit Facility [Line Items] | ||
Basis spread rate | 3% | |
Revolving Facility | Exit Credit Agreement | Secured Debt | ||
Line of Credit Facility [Line Items] | ||
Line of credit facility, maximum borrowing capacity | $ 1,250 | |
Repayments of credit facility | $ 200 | |
Revolving Facility | Exit Credit Agreement | Secured Debt | Secured Overnight Financing Rate (SOFR) | ||
Line of Credit Facility [Line Items] | ||
Basis spread rate | 7.50% | |
Revolving Facility | Exit Credit Agreement | Secured Debt | Base Rate | ||
Line of Credit Facility [Line Items] | ||
Basis spread rate | 6.50% | |
Letter of credit | Revolving Credit Agreement | Line of Credit | ||
Line of Credit Facility [Line Items] | ||
Line of credit facility, maximum borrowing capacity | 50 | |
Bridge Loan | Revolving Credit Agreement | Line of Credit | ||
Line of Credit Facility [Line Items] | ||
Line of credit facility, maximum borrowing capacity | $ 20 |
Debt - Schedule of Cash Flows R
Debt - Schedule of Cash Flows Related to Debt Borrowings and Repayments (Details) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | |
Other debt borrowings | ||
Borrowings - FILO | $ 0 | $ 58.9 |
Receipt of DIP financing | 0 | 1,250 |
Other debt borrowings | 0.3 | 2.1 |
Other debt repayments | ||
Repayment of term loans | (200) | (400.6) |
Revolving credit facility repayments | 0 | (188.3) |
Repayments - FILO | 0 | (58.9) |
Other debt repayments | (0.1) | (2.1) |
Other debt repayments | (200.2) | (649.9) |
Other debt borrowings | ||
Other debt borrowings | ||
Other debt borrowings | 0.3 | 1,311 |
Exit Facility | ||
Other debt repayments | ||
Repayment of term loans | (200) | 0 |
ABL Facility | ||
Other debt repayments | ||
Revolving credit facility repayments | 0 | (188.3) |
FILO Facility | ||
Other debt repayments | ||
Repayments - FILO | 0 | (58.9) |
Superpriority Term Loans | ||
Other debt repayments | ||
Repayment of term loans | 0 | (400.6) |
Line of Credit | Revolving Facility | Revolving Credit Agreement | ||
Short-term Debt [Line Items] | ||
Revolving credit facility borrowings | 200 | 0 |
Revolving credit facility repayments | (160.7) | 0 |
FILO | ||
Other debt borrowings | ||
Borrowings - FILO | 0 | 58.9 |
DIP Facility | ||
Other debt borrowings | ||
Receipt of DIP financing | 0 | 1,250 |
International short-term uncommitted lines of credit borrowings | ||
Other debt borrowings | ||
Other debt borrowings | 0.3 | 2.1 |
Other debt repayments | ||
Other debt repayments | (0.2) | (0.5) |
Term Loan B Facility - USD | ||
Other debt repayments | ||
Other debt repayments | 0 | (1.3) |
Term Loan B Facility - Euro | ||
Other debt repayments | ||
Other debt repayments | $ 0 | $ (0.3) |
Debt - Financing Facilities (De
Debt - Financing Facilities (Details) | 6 Months Ended |
Jun. 30, 2024 | |
Exit Facility | |
Short-term Debt [Line Items] | |
Interest rate margin | 7.50% |
Initial Term (Years) | 5 years |
Exit Facility | Variable Rate Component One | |
Short-term Debt [Line Items] | |
Floor rate percentage | 4% |
Revolving Facility | |
Short-term Debt [Line Items] | |
Interest rate margin | 4% |
Initial Term (Years) | 3 years |
Revolving Facility | Variable Rate Component Two | |
Short-term Debt [Line Items] | |
Floor rate percentage | 1.50% |
Debt - Line of Credit (Details)
Debt - Line of Credit (Details) $ in Millions | Jun. 30, 2024 USD ($) |
Other debt borrowings | |
Line of Credit Facility [Line Items] | |
Borrowing capacity under credit facility | $ 6.7 |
Equity (Details)
Equity (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||||
Jun. 30, 2024 | Mar. 31, 2024 | Jun. 30, 2023 | Mar. 31, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Beginning balance | $ 1,009 | $ 1,025.7 | $ (2,130.6) | $ (1,473.6) | $ 1,009 | $ (2,130.6) |
Net loss | 14.8 | (14) | (677.3) | (111.5) | 0.8 | (788.8) |
Other comprehensive (loss) income | (34.1) | (38) | 19.6 | 8.5 | (72.1) | 28.1 |
Share-based compensation issued | (0.1) | 0 | ||||
Share-based compensation expense | 2.6 | 1.9 | 0.8 | 1.3 | ||
Distribution to noncontrolling interest holders, net | (3.4) | |||||
Treasury shares | (0.8) | |||||
Ending balance | 1,025.7 | 1,079.2 | (1,473.6) | (1,371.1) | 1,079.2 | (1,371.1) |
Total Diebold Nixdorf, Incorporated Shareholders' Equity | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Beginning balance | 996.7 | 1,013.1 | (2,135.4) | (1,485.2) | 996.7 | (2,135.4) |
Net loss | 14.9 | (14.6) | (677.1) | (111.1) | ||
Other comprehensive (loss) income | (33.9) | (38) | 26.2 | 6.3 | ||
Share-based compensation issued | (0.1) | |||||
Share-based compensation expense | 2.6 | 1.9 | 0.8 | 1.3 | ||
Treasury shares | (0.8) | |||||
Ending balance | 1,013.1 | 1,063.8 | (1,485.2) | (1,380.9) | 1,063.8 | (1,380.9) |
Common Shares | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Beginning balance | 0.4 | 0.4 | 121.2 | 120.8 | 0.4 | 121.2 |
Share-based compensation issued | 0.4 | 1 | ||||
Ending balance | 0.4 | 0.4 | 120.8 | 119.8 | 0.4 | 119.8 |
Additional Capital | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Beginning balance | 1,043.2 | 1,040.6 | 832.1 | 831.8 | 1,043.2 | 832.1 |
Share-based compensation issued | (0.5) | (1) | ||||
Share-based compensation expense | 2.6 | 1.9 | 0.8 | 1.3 | ||
Ending balance | 1,040.6 | 1,038.7 | 831.8 | 831.5 | 1,038.7 | 831.5 |
Retained Earnings | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Beginning balance | 17.4 | 2.5 | (2,194.9) | (1,517.8) | 17.4 | (2,194.9) |
Net loss | 14.9 | (14.6) | (677.1) | (111.1) | ||
Ending balance | 2.5 | 17.1 | (1,517.8) | (1,406.7) | 17.1 | (1,406.7) |
Treasury Shares | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Beginning balance | 0 | 0 | (586.4) | (586.4) | 0 | (586.4) |
Treasury shares | (0.8) | |||||
Ending balance | 0 | 0 | (586.4) | (585.6) | 0 | (585.6) |
Accumulated Other Comprehensive Income (Loss) | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Beginning balance | (64.3) | (30.4) | (327.5) | (353.7) | (64.3) | (327.5) |
Other comprehensive (loss) income | (33.9) | (38) | 26.2 | 6.3 | ||
Ending balance | (30.4) | 7.6 | (353.7) | (360) | 7.6 | (360) |
Equity Warrants | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Beginning balance | 0 | 0 | 20.1 | 20.1 | 0 | 20.1 |
Ending balance | 0 | 0 | 20.1 | 20.1 | 0 | 20.1 |
Non-controlling Interests | ||||||
Increase (Decrease) in Stockholders' Equity [Roll Forward] | ||||||
Beginning balance | 12.3 | 12.6 | 4.8 | 11.6 | 12.3 | 4.8 |
Net loss | (0.1) | 0.6 | (0.2) | (0.4) | ||
Other comprehensive (loss) income | (0.2) | (6.6) | 2.2 | |||
Distribution to noncontrolling interest holders, net | (3.4) | |||||
Ending balance | $ 12.6 | $ 15.4 | $ 11.6 | $ 9.8 | $ 15.4 | $ 9.8 |
Accumulated Other Comprehensi_3
Accumulated Other Comprehensive Income (Loss) - Changes in Company’s AOCI, Net of Tax, by Component (Details) - USD ($) $ in Millions | 3 Months Ended | |||
Jun. 30, 2024 | Mar. 31, 2024 | Jun. 30, 2023 | Mar. 31, 2023 | |
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||
Ending balance | $ 1,025.7 | $ 1,079.2 | $ (1,473.6) | $ (1,371.1) |
Beginning balance | 1,009 | 1,025.7 | (2,130.6) | (1,473.6) |
Other comprehensive (loss) income before reclassifications within the translation component, amount excluded | 0.2 | 0 | 6.6 | (2.2) |
Accumulated Other Comprehensive Income (Loss) | ||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||
Ending balance | (30.4) | 7.6 | (353.7) | (360) |
Other comprehensive income (loss) before reclassifications | (35.8) | (43) | 25.4 | 5 |
Amounts reclassified from AOCI | 1.9 | 5 | 0.8 | 1.3 |
Net current-period other comprehensive income (loss) | (33.9) | (38) | 26.2 | 6.3 |
Beginning balance | (64.3) | (30.4) | (327.5) | (353.7) |
Translation adjustment | ||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||
Ending balance | (28.8) | 14.2 | (347.4) | (352.1) |
Other comprehensive income (loss) before reclassifications | (35.2) | (43) | 25.2 | 4.7 |
Amounts reclassified from AOCI | 0 | 0 | 0 | 0 |
Net current-period other comprehensive income (loss) | (35.2) | (43) | 25.2 | 4.7 |
Beginning balance | (64) | (28.8) | (322.2) | (347.4) |
Hedges | Foreign exchange forward contracts | ||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||
Ending balance | (0.1) | (0.1) | (1.9) | (1.9) |
Other comprehensive income (loss) before reclassifications | (0.3) | 0 | 0 | 0 |
Amounts reclassified from AOCI | 0 | 0 | 0 | 0 |
Net current-period other comprehensive income (loss) | (0.3) | 0 | 0 | 0 |
Beginning balance | (0.4) | (0.1) | (1.9) | (1.9) |
Hedges | Interest rate swap | ||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||
Ending balance | 0 | 0 | 5.6 | 5.3 |
Other comprehensive income (loss) before reclassifications | (0.3) | 0 | 0.2 | 0.3 |
Amounts reclassified from AOCI | 0 | 0 | 0 | 0 |
Net current-period other comprehensive income (loss) | (0.3) | 0 | 0.2 | 0.3 |
Beginning balance | (0.3) | 0 | 5.8 | 5.6 |
Pension and Other Post-retirement Benefits | ||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||
Ending balance | (1.1) | (6.1) | (11.3) | (12.6) |
Other comprehensive income (loss) before reclassifications | 0 | 0 | 0 | 0 |
Amounts reclassified from AOCI | 1.9 | 5 | 0.8 | 1.3 |
Net current-period other comprehensive income (loss) | 1.9 | 5 | 0.8 | 1.3 |
Beginning balance | 0.8 | (1.1) | (10.5) | (11.3) |
Other | ||||
AOCI Including Portion Attributable to Noncontrolling Interest, Net of Tax [Roll Forward] | ||||
Ending balance | (0.4) | (0.4) | 1.3 | 1.3 |
Other comprehensive income (loss) before reclassifications | 0 | 0 | 0 | 0 |
Amounts reclassified from AOCI | 0 | 0 | 0 | 0 |
Net current-period other comprehensive income (loss) | 0 | 0 | 0 | 0 |
Beginning balance | $ (0.4) | $ (0.4) | $ 1.3 | $ 1.3 |
Accumulated Other Comprehensi_4
Accumulated Other Comprehensive Income (Loss) - Reclassification Adjustments (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Miscellaneous gain, net | $ 2.6 | $ 3.5 | $ 3.6 | $ 6.1 |
Net actuarial gain (loss) amortized, tax | 0 | (0.2) | (2.1) | (0.7) |
Reclassification | Net prior service benefit | ||||
Miscellaneous gain, net | $ 1.9 | $ 0.8 | $ 6.9 | $ 2.1 |
Benefit Plans - Narrative (Deta
Benefit Plans - Narrative (Details) - USD ($) $ in Millions | 6 Months Ended | |
Jun. 30, 2024 | Jun. 30, 2023 | |
Retirement Benefits [Abstract] | ||
Benefit payment term | 10 years | |
Employer contributions | $ 28 | $ 22.1 |
Reimbursement from CTA | $ 19.1 | $ 22.8 |
Benefit Plans - Schedule of Com
Benefit Plans - Schedule of Components of Net Periodic Benefit Cost (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
U.S. Plans | Pension Benefits | ||||
Components of net periodic benefit cost | ||||
Interest cost | $ 4.9 | $ 4.8 | $ 9.7 | $ 9.7 |
Expected return on plan assets | (4.6) | (4.5) | (9.2) | (9) |
Recognized net actuarial loss | 0 | 0.2 | 0 | 0.4 |
Net periodic pension benefit cost | 0.3 | 0.5 | 0.5 | 1.1 |
U.S. Plans | Other Benefits | ||||
Components of net periodic benefit cost | ||||
Interest cost | 0 | 0 | 0.1 | 0.1 |
Recognized net actuarial loss | 0 | (0.1) | 0 | (0.2) |
Net periodic pension benefit cost | 0 | (0.1) | 0.1 | (0.1) |
Non-U.S. Plans | Pension Benefits | ||||
Components of net periodic benefit cost | ||||
Service cost | 1.6 | 1.5 | 3.4 | 3.1 |
Interest cost | 2.7 | 2.8 | 5.3 | 5.7 |
Expected return on plan assets | (3.4) | (3.3) | (6.9) | (6.7) |
Recognized net actuarial loss | 0 | (0.9) | 0 | (1.8) |
Amortization of prior service cost | 0 | (0.2) | 0 | (0.4) |
Net periodic pension benefit cost | $ 0.9 | $ (0.1) | $ 1.8 | $ (0.1) |
Fair Value of Assets and Liab_3
Fair Value of Assets and Liabilities - Schedule of Assets and Liabilities Recorded at Fair Market Value (Details) - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
Liabilities | ||
Derivative liability, location | Other current liabilities | Other current liabilities |
Assets held in rabbi trusts | ||
Assets | ||
Certificates of deposit | $ 3.1 | $ 2.9 |
Fair Value, Measurements, Recurring | ||
Assets | ||
Total | 11.8 | 16.3 |
Liabilities | ||
Deferred compensation | 3.1 | 2.9 |
Total | 3.1 | 3.3 |
Fair Value, Measurements, Recurring | Foreign exchange forward contracts | ||
Liabilities | ||
Foreign exchange forward contracts | 0 | 0.4 |
Fair Value, Measurements, Recurring | Level 1 | ||
Assets | ||
Total | 11.8 | 16.3 |
Liabilities | ||
Deferred compensation | 3.1 | 2.9 |
Total | 3.1 | 2.9 |
Fair Value, Measurements, Recurring | Level 1 | Foreign exchange forward contracts | ||
Liabilities | ||
Foreign exchange forward contracts | 0 | 0 |
Fair Value, Measurements, Recurring | Level 2 | ||
Assets | ||
Total | 0 | 0 |
Liabilities | ||
Deferred compensation | 0 | 0 |
Total | 0 | 0.4 |
Fair Value, Measurements, Recurring | Level 2 | Foreign exchange forward contracts | ||
Liabilities | ||
Foreign exchange forward contracts | 0 | 0.4 |
Fair Value, Measurements, Recurring | Certificates of deposit | ||
Assets | ||
Certificates of deposit | 8.7 | 13.4 |
Fair Value, Measurements, Recurring | Certificates of deposit | Level 1 | ||
Assets | ||
Certificates of deposit | 8.7 | 13.4 |
Fair Value, Measurements, Recurring | Certificates of deposit | Level 2 | ||
Assets | ||
Certificates of deposit | 0 | 0 |
Fair Value, Measurements, Recurring | Assets held in rabbi trusts | ||
Assets | ||
Assets held in rabbi trusts | 3.1 | 2.9 |
Fair Value, Measurements, Recurring | Assets held in rabbi trusts | Level 1 | ||
Assets | ||
Assets held in rabbi trusts | 3.1 | 2.9 |
Fair Value, Measurements, Recurring | Assets held in rabbi trusts | Level 2 | ||
Assets | ||
Assets held in rabbi trusts | $ 0 | $ 0 |
Fair Value of Assets and Liab_4
Fair Value of Assets and Liabilities - Narrative (Details) - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
Fair Value Disclosures [Abstract] | ||
Long-term debt, carrying value | $ 1,065.9 | $ 1,253.9 |
Long-term debt, fair value | $ 1,098.9 | $ 1,285.5 |
Commitments and Contingencies -
Commitments and Contingencies - Narrative (Details) shares in Millions, $ in Millions | 12 Months Ended | |||
Feb. 17, 2017 € / shares shares | Dec. 31, 2019 € / shares shares | Jun. 30, 2024 USD ($) | Dec. 31, 2023 USD ($) | |
Loss Contingencies [Line Items] | ||||
Shares repurchased of redeemable noncontrolling interest (in shares) | shares | 6.9 | 1.4 | ||
Guarantor obligations, maximum exposure, undiscounted | $ 94.6 | $ 117.1 | ||
Financial Standby Letter of Credit | ||||
Loss Contingencies [Line Items] | ||||
Guarantor obligations, maximum exposure, undiscounted | 23 | $ 23 | ||
Diebold Nixdorf AG | Domination and Profit and Loss Transfer Agreement | ||||
Loss Contingencies [Line Items] | ||||
Business acquisition, share price (in dollars per share) | € / shares | € 55.02 | € 54.80 | ||
Recurring cash compensation per share net of tax (in dollars per share) | € / shares | € 2.82 | |||
Indirect Tax Liability | ||||
Loss Contingencies [Line Items] | ||||
Range of possible loss, portion not accrued | $ 80.1 |
Commitments and Contingencies_2
Commitments and Contingencies - Reconciliation of Cash and Cash Equivalents (Details) - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 | Jun. 30, 2023 | Dec. 31, 2022 |
Commitments and Contingencies Disclosure [Abstract] | ||||
Cash and cash equivalents | $ 276.7 | $ 550.2 | $ 504.6 | |
Professional fee escrow | 0.2 | 0.2 | ||
Bank collateral guarantees | 74.6 | 32.5 | ||
Pension collateral guarantees | 8.6 | 9.4 | ||
Restricted cash and cash equivalents | 83.4 | 42.1 | ||
Total cash, cash equivalents, and restricted cash | $ 360.1 | $ 592.3 | $ 541.8 | $ 319.1 |
Revenue Recognition - Schedule
Revenue Recognition - Schedule of Disaggregation of Revenue (Details) - USD ($) $ in Millions | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | |
Deferred Revenue Arrangement [Line Items] | |||
Net sales, percentage | 100% | 100% | |
Trade receivables | $ 650 | $ 721.8 | |
Contract liabilities | $ 356.6 | $ 376.2 | |
Products transferred at a point in time | |||
Deferred Revenue Arrangement [Line Items] | |||
Net sales, percentage | 42% | 41% | |
Products and services transferred over time | |||
Deferred Revenue Arrangement [Line Items] | |||
Net sales, percentage | 58% | 59% |
Revenue Recognition - Narrative
Revenue Recognition - Narrative (Details) - USD ($) $ in Millions | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Dec. 31, 2023 | |
Revenue from Contract with Customer [Abstract] | |||
Impairment losses recognized as bad debt expense | $ 9.7 | $ 13.1 | |
Unrecognized deferred revenue | 356.6 | $ 376.2 | |
Deferred revenue, revenue recognized | 212.2 | ||
Revenue, remaining performance obligation, amount | $ 1,300 | ||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction, Start Date [Axis]: 2024-07-01 | |||
Revenue, Remaining Performance Obligation, Expected Timing of Satisfaction [Line Items] | |||
Revenue, remaining performance obligation, period | 12 months |
Finance Lease Receivables - Sch
Finance Lease Receivables - Schedule of Components for Finance Lease Receivables (Details) - USD ($) $ in Millions | Jun. 30, 2024 | Dec. 31, 2023 |
Loans and Leases Receivable Disclosure [Line Items] | ||
Gross minimum lease receivables | $ 21 | |
Allowance for credit losses | (0.1) | $ (0.2) |
Total | 20.9 | 24.2 |
Unearned interest income | (0.7) | (0.9) |
Total | 20.2 | 23.3 |
Finance Leases Portfolio Segment | ||
Loans and Leases Receivable Disclosure [Line Items] | ||
Gross minimum lease receivables | $ 21 | $ 24.4 |
Finance Lease Receivables - S_2
Finance Lease Receivables - Schedule of Financing Receivables, Minimum Payments (Details) $ in Millions | Jun. 30, 2024 USD ($) |
Leases [Abstract] | |
2024 | $ 3.9 |
2025 | 6 |
2026 | 3.6 |
2027 | 2.6 |
2028 | 2.2 |
Thereafter | 2.7 |
Total | $ 21 |
Segment Information - Schedule
Segment Information - Schedule of Segment Information (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Summary of Segment Information | ||||
Total revenue | $ 939.7 | $ 922.2 | $ 1,835.1 | $ 1,780.3 |
Operating profit (loss) | 70.7 | (3.9) | 94.5 | (6) |
Impairment of assets | 0 | (1.8) | 0 | (2.7) |
Restructuring and transformation expenses | (10.6) | (18.6) | (47.3) | (33.6) |
Other income (expense) | (25.4) | (697.6) | (63.4) | (785.8) |
Profit (loss) before taxes | 45.3 | (701.5) | 31.1 | (791.8) |
Operating Segments | ||||
Summary of Segment Information | ||||
Operating profit (loss) | 169.3 | 134.5 | 321.3 | 253.4 |
Segment Reconciling Items | ||||
Summary of Segment Information | ||||
Total revenue | 0 | 4.9 | 0 | 9.7 |
Operating profit (loss) | 0 | (2.9) | 0 | (6.6) |
Impairment of assets | 0 | (1.8) | 0 | (2.7) |
Amortization of fair value assets | (17.7) | (18) | (40.8) | (35.7) |
Restructuring and transformation expenses | (10.6) | (18.6) | (47.3) | (33.6) |
Refinancing related costs | (5) | (30.5) | (11.9) | (44.6) |
Net non-routine income (expense) | 1.2 | (2) | 2.3 | (2.7) |
Corporate, Non-Segment | ||||
Summary of Segment Information | ||||
Operating profit (loss) | (66.5) | (64.6) | (129.1) | (133.5) |
Consolidation, Eliminations | ||||
Summary of Segment Information | ||||
Reconciliation of operating profit (loss) from segments to consolidated | (98.6) | (138.4) | (226.8) | (259.4) |
Banking | Operating Segments | ||||
Summary of Segment Information | ||||
Total revenue | 707.4 | 664.9 | 1,356.2 | 1,257.8 |
Operating profit (loss) | 134.6 | 102.4 | 250.9 | 182.3 |
Retail | Operating Segments | ||||
Summary of Segment Information | ||||
Total revenue | 232.3 | 252.4 | 478.9 | 512.8 |
Operating profit (loss) | $ 34.7 | $ 32.1 | $ 70.4 | $ 71.1 |
Segment Information - Schedul_2
Segment Information - Schedule of Revenue from External Customers by Products and Services (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Segment Reporting Information [Line Items] | ||||
Total revenue | $ 939.7 | $ 922.2 | $ 1,835.1 | $ 1,780.3 |
Banking | Operating Segments | ||||
Segment Reporting Information [Line Items] | ||||
Total revenue | 707.4 | 664.9 | 1,356.2 | 1,257.8 |
Retail | Operating Segments | ||||
Segment Reporting Information [Line Items] | ||||
Total revenue | 232.3 | 252.4 | 478.9 | 512.8 |
Services | ||||
Segment Reporting Information [Line Items] | ||||
Total revenue | 540.7 | 538 | 1,065.5 | 1,054.4 |
Services | Banking | ||||
Segment Reporting Information [Line Items] | ||||
Total revenue | 401.5 | 400.2 | 788.1 | 781.3 |
Services | Retail | ||||
Segment Reporting Information [Line Items] | ||||
Total revenue | 139.2 | 135.3 | 277.4 | 268.5 |
Services | HFS Segment | ||||
Segment Reporting Information [Line Items] | ||||
Total revenue | 0 | 2.5 | 0 | 4.6 |
Products | ||||
Segment Reporting Information [Line Items] | ||||
Total revenue | 399 | 384.2 | 769.6 | 725.9 |
Products | Banking | ||||
Segment Reporting Information [Line Items] | ||||
Total revenue | 305.9 | 264.7 | 568.1 | 476.5 |
Products | Retail | ||||
Segment Reporting Information [Line Items] | ||||
Total revenue | 93.1 | 117.1 | 201.5 | 244.3 |
Products | HFS Segment | ||||
Segment Reporting Information [Line Items] | ||||
Total revenue | $ 0 | $ 2.4 | $ 0 | $ 5.1 |
Cloud Implementation (Details)
Cloud Implementation (Details) - USD ($) $ in Millions | 3 Months Ended | 6 Months Ended | ||
Jun. 30, 2024 | Jun. 30, 2023 | Jun. 30, 2024 | Jun. 30, 2023 | |
Research and Development [Abstract] | ||||
Capitalized cloud implementation costs | $ 18.8 | $ 18.8 | ||
Amortization of cloud implementation fees | $ 1 | $ 0.8 | $ 1.9 | $ 1.7 |